Purisima said that of the end of last year, the country posted a debt-to-gross domestic product (GDP) ratio of 44.8 percent, the lowest since 1996.

“In fact, for the first time since the early 1980s, the debt-to-GDP ratio fell below 50.0 percent in 2013, a far cry from the year 2004, when the ratio was at a high of 74.4 percent,” he said.

“Relying solely on the current level of revenue generation to finance the budget creates a dangerous restraint to growth, is uncommon (there are only five countries in the world without debt), and ultimately unwise for most.

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Including liabilities of government-owned and -controlled corporations (GOCCs) and government financial institutions (GFIs), the Outstanding Public Sector Debt as of end-September 2015 stood at 55.8 percent, the lowest since the earliest comparable period or in 1998, the finance secretary said.

“This is a 15.1-percentage point improvement from the 70.9 percent posted in 2009, and is worlds apart from when it was at its peak in 2003, at 111.6 percent.” Purisima said the government’s budget is not only being used for current programs but future programs and potential growth of the economy.

Diokno, now an econom­ics professor at the University of the Philippines, also not­ed that the country’s current gross international reserves (GIR) were not only “healthy and hefty” but that “we are assured of a steady inflow of $25-billion to $26-billion overseas remittances yearly,” not to mention the “grow­ing inflows from expanding business-process outsourcing (BPO) industry.” On Feb.

18, the govern­ment again borrowed bil­lion in 25-year US dollar-de­nominated global bonds, with an interest rate of 3.7 percent, the lowest coupon ever issued by the country to date.“We have enough mon­ey internally to finance all our requirements and we have enough money to pay for our debt.It is not advis­able to borrow money from abroad,” he said.Elements never come to see your del profile photos.Ois a unique, thoughtful, and u tagline might prime people.Purisima said that in comparison, the debt-to-GDP ratio of the US stood at 96.1 percent in 2013, 196 percent for Japan in 2012 and 55.1 percent as of 2012 for Germany.