It's right there, all you have to do is follow it: complete the tax reform program, sustain the deficit at three percent, lower your
debt-to-gross domestic product ratio. It's all there," Dominguez said.
Agabin also said it is very unlikely that the Philippines will default on any of its loans, more so now with its strong fiscal position and low
debt-to-gross domestic product ratio.
The
debt-to-gross domestic product ratio stood at 42.1 percent at end-2017 but inched up to 42.3 percent as of September last year as the government borrowed more from offshore debt markets such as China's panda and Japan's samurai while securing additional official development assistance (ODA) for big-ticket infrastructure projects under the Duterte administration's ambitious 'Build, Build, Build' program.
This month, the Bangko Sentral ng Pilipinas also reported that the country's external
debt-to-gross domestic product ratio was 23.3 percent in 2017-a five-year low and a 5.6-percent decrease, from the 28.9-percent ratio recorded in 2013.
The good news, however, is the slight improvement in the external
debt-to-gross domestic product ratio the sole external indicator that showed an upturn.
Similarly, the external
debt-to-gross domestic product ratio weakened from 18.8% to 20.4%.
At the same time, its
debt-to-gross domestic product ratio, at around 25 per cent, is less than a third of the debt ratio in Europe or the US.
Juncker has clashed publicly with Lagarde over extending Greece's agreed
debt-to-gross domestic product ratio target.
The credit rating agency pointed to the estimates of the country's
debt-to-gross domestic product ratio, which is expected to reach 77% by 2020, saying they were too low and the ratio would be well above 100% by the end of the decade if the general government measure was used.
Lebanon's
debt-to-gross domestic product ratio dipped to 162 percent from 180 percent over the past three years, but at $47.2 billion it is still one of the highest in the world.
The only external indicator that showed slight improvement was the external
debt-to-gross domestic product ratio that improved from 20.7% to just 20.6%.