Despite the elevated debt-to-GDP ratio, Mr. Asuncion said debt levels remained manageable. “The 66% debt-to-GDP ratio warrants close monitoring, but it remains manageable, provided economic growth recovers and fiscal consolidation remains on track,” he said. He said the most sustainable way to improve the debt-to-GDP ratio was through stronger economic growth. The end-June debt stock was already slightly above the P19.06-trillion level projected for end-2026 under the 2026 Budget of Expenditures and Sources of Financing. Under the Philippine Development Plan 2023-2029 Midterm Update – Results Matrices posted on May 20, the government expects the debt-to-GDP ratio at 60%-63% in 2026.