Deputy Speaker Ralph Recto said the proposed national budget of P5.767 trillion for 2024 would translate to an average daily spending of P15.8 billion, of which only P11.7 billion would be supported by revenues with the balance to be covered by borrowings.
“If it is based on actual disbursements, P3.7 billion of daily expenditures need to be filled up,” he added.
But he observed, “It doesn’t give the whole picture because only the interest payment is included in the national budget. The payment for the principal, the amortization, that’s automatically appropriated and is not in the national budget.” Recto said gross borrowings next year, to finance the deficit, debt, and development, had been set at P2.46 trillion, or “about P6.7 billion daily.” This also represents about 42 percent of the budget.The projected borrowings, however, had been planned out by President Ferdinand Marcos Jr.’s economic team to support the approved National Expenditure Program that seeks to sustain the country’s economic growth coming out of the devastating COVID-19 pandemic.
At P5.768 trillion, the proposed budget is equivalent to 21.8 percent of the country’s gross domestic product or economic output and is 9.5 percent higher than the P5.268-trillion budget for 2023.
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