MANILA, Philippines — Deputy Speaker Ralph Recto on Sunday 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. ADVERTISEMENTHe added that based on the gap between projected spending and revenues, P4 billion will have to be borrowed “every 24 hours.”The Bureau of Internal Revenue and the Bureau of Customs are projected to respectively collect only P8.3 billion and P2.7 billion daily, or a total of over P11 billion a day. “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. “Guided by our Medium-Term Fiscal Framework, the proposed national budget will continue to prioritize expenditures outlined in the administration’s 8-Point Socioeconomic Agenda and cater to the objectives of Philippine Development Plan 2023-2028,” Budget Secretary Amenah Pangandaman had said.
