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Manila Bulletin devider Philippines devider PH needs to 'borrow' nearly P4B a day to sustain spending next year, says Recto

PH needs to 'borrow' nearly P4B a day to sustain spending next year, says Recto

Published Aug 6, 2023 10:21 am

At A Glance

  • House Deputy Speaker and Batangas 6th district Rep. Ralph Recto says the Philippine government will have to "borrow" around P4 billion a day based on its 2024 National Expenditure Program (NEP) or proposed national budget. 

mari-gimenez-YrbGAeXFvCo-unsplash.jpg(Unsplash)

 

 

 

 

Here's a not-so-fun fact: the Philippine government will have to "borrow" around P4 billion a day based on its 2024 National Expenditure Program (NEP) or proposed national budget. 

House Deputy Speaker and Batangas 6th district Rep. Ralph Recto explains how he came up with that figure based on the P5.768-trillion spending plan. 

“To fully grasp the dimensions of the budget, you have to compute it on a daily basis, to fully appreciate the enormity of both spending and borrowings,” he said. 

“In easy to remember figures, this is the lowdown: Gagasta ng P15.8 billion bawat araw. Ngunit P11.7 billion lang ang kayang pondohan ng buwis. Kaya may P4 bilyon na dapat utangin. Kada 24 oras," he said. 

(The daily spending is P15.8 billion. However, only P11.7 billion of that can be sourced from taxes. So there's P4 billion that need to be borrowed, every 24 hours). 

“Kung base naman sa actual na disbursements, mga P3.7 billion ang pang-araw-araw na gastusin ang kailangang punuan (If we're basing it on actual disbursements, then we need to replace P3.7 billion in costs every day),” Recto said. 

But while government will be spending P15.8 billion a day, revenue agencies Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) are projected to only collect P8.3 billion and P2.7 billion a day, respectively, or a combined P11.16 billion a day. 

“In fact, ‘yung tinatayang arawan na koleksyon sa sales tax on goods na P1.7 billion, kulang pa sa P2.53 billion daily expenditures natin para sa sektor ng edukasyon (the projected daily collection on sales tax from goods worth P1.7 billion, won't even be enough to pay for the P2.53 billion daily expenditures in the education sector)," he said. 

Because not all that will be appropriated will be disbursed, the deficit to be financed will be about P3.7 billion daily, the former Senate President Pro Tempore noted. 

The P5.768-trillion NEP for 2024--the largest ever sought by the executive branch from Congress--will be deliberated upon by the House of Representatives later this week.
 

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national budget ralph recto
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