(Bloomberg) -- The Philippines expects the government’s debt-to-gross domestic product ratio to decline to about 50% by 2028 due to strong economic growth, Finance Secretary Benjamin Diokno said.

The ratio climbed to 62% this year from below 40% before Covid-19 hit as revenue fell while pandemic-related spending rose, Diokno said in a mobile-phone message on Saturday.

Debt is sustainable as long as the economy expands faster than the increase in public debt, he said. President Ferdinand Marcos Jr.’s economic team is aiming for growth of 6.5% to 8% annually from 2023 to 2028.

Separately, Economic Planning Secretary Arsenio Balisacan on Sunday gave his outlook for economic growth next year.

“After a likely over 7% growth in 2022, yes, we may slow down, given still-elevated external headwinds & internal challenges, but the economy will remain comparatively strong in 2023,” Balisacan said in a tweet.

(Updates with comment from economic planning secretary in fourth paragraph.)

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