Gov't to borrow P2.46 trillion for 2024 budget: Quimbo

RG Cruz, ABS-CBN News

Posted at Sep 19 2023 02:30 PM

MANILA — The government will borrow P2.46 trillion to partly fund the P5.768 trillion national budget for next year, Rep. Stella Quimbo said Tuesday.

Some 43.32 percent of the 2024 national budget will come from borrowings, while the remaining 57 percent will be financed by local revenues, said Quimbo, senior vice chair of the House Appropriations Committee.
"From borrowings, it would be P2.46 trillion," she said during the House of Representatives plenary deliberations on next year's proposed budget.

Quimbo also said that the 2024 national budget sets aside resources for programs critical in accelerating the nation's growth.

The House plans to approve the national budget on final reading before it goes on break from September 30 to November 5.

The Philippines' sovereign debt hit a new record of P14.24 trillion in July, the Bureau of Treasury said earlier this month.

A congressional think tank has said that the Philippines' debt burden is growing faster than the overall budget increase, and over half of the 2024 budget can no longer be allocated to productive expenses. 

While the national government's expenditure program has been steadily going up, the rate of its increase is much slower than the growth of the debt burden since 2021, the Congressional Policy and Budget Research Department (CPBRD) said. 

Since 2016, the Philippines has more than doubled its debt as it sought to finance big-ticket infrastructure projects and fund its pandemic response.

Government economists however have played down concerns over the growth in the country’s debt saying the issue remains manageable. 

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