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The Philippines' debt-to-GDP ratio ballooned to 63.5 percent in March from 60.4 percent in December, government data showed.

The total is the highest since 2005 when the debt ratio reached 65.7 percent. It has been hovering below 40 percent before the COVID-19 pandemic.

It also breached the international debt-to-GDP threshold set at 60.4 percent.

As of the end of March, the country's debt was at P12.68 trillion driven by the government's heavy borrowings to fund its pandemic response and the administration's Build, Build, Build program.

• Philippine debt hits P12.68 trillion as of end March 2022

Economic managers have said that the current debt level remains manageable as long as the government maintains robust economic growth.

If mismanaged, high debts could put the country's investment-grade ratings in jeopardy. So far, it has kept its credit ratings during the pandemic due to fiscal prudence and strong macroeconomic conditions amid global downgrades.

• Lending growth to support recovery as Fitch affirms PH’s ‘BBB’ rating: BSP
• Moody’s affirms Philippines’ Baa2 rating, keeps 'stable' outlook
• S&P Global Ratings affirms Philippines' investment grade BBB+ rating