Batangas Rep. Ralph Recto on Sunday said the country needs to borrow an average of P4 billion daily to sustain the proposed 2024 national budget of P5.767 trillion.
He said next year’s budget translates to an average daily spending of P15.8 billion, of which only P11.7 billion is “supportable by revenues, leaving a P4 billion hole which must be plugged by debt.”
“Now if that is based on the actual disbursements, that is about P3.7 billion in daily spending that must be funded,” he added. Payment for interest alone on the burgeoning public debt would be around P1.83 billion a day next year, Recto said. Meanwhile, Senator Francis Escudero said the country should brace for possible increase in taxes to address the loss of revenues once operations of Philippine Offshore Gaming Operators are banned.
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