Marikina City 2nd district congresswoman and appropriations panel senior vice chairperson Stella Quimbo doesn't sound worried at all about the country's debt servicing chores.
This, even as the Philippines has projected borrowings next year amounting to P2.2 trillion.
Quimbo took part Tuesday, Aug. 23 in the Ugnayan news forum at the House of Representatives to talk about the recent submission of the 2023 National Expenditure Program (NEP) to the chamber.
During the news forum, she noted that the country’s projected revenues next year is P3.6 trillion including taxes, revenues, and fees paid to the government.
"And then financing, gross borrowings is P2.2 trillion," said the economist solon.
“Wag po kayo masyadong ganung ka-worried. Ganun talaga (Don't be too worried. That's how it is). That’s usual, within range po tayo (we're within range),” she said.
By "within range", Quimbo appeared to be referring to the government’s level of debt servicing or payments of existing loans.
The NEP or proposed national budget next year as computed by Malacañang is P5.268 trillion. This the highest NEP in Philippine history.
Of the figure, P611 billion will be used to pay debt payments as per the 2023 NEP. This is higher than the 2022 schedule pf P541.3 billion.
Referring to the P611 billion, Quimbo said: "Just to clarify, 11 percent lang ng P5.268 trillion proposed for 2023 ang mapupunta po sa debt servicing (only 11 percent of the P5.268-trillion proposed for 2023 will go to debt servicing).”
Quimbo said the amount for debt servicing increased by 1 percent “because we needed to take out loans during the pandemic".
Typically, the debt being paid off by the current administration was made during the previous administration.