Panukalang ₱5.768T 2024 budget sinimulan nang talakayin sa Kamara
Sinimulan na ng Kamara ang deliberasyon sa panukalang 5.768 trillion peso national budget para sa susunod na taon. Target ng Finance department na pababain sa animnapung porsyento ang bahagi ng utang ng pamahalaan sa kabuuang ekonomiya sa loob ng dalawang taon.
May ulat si Xianne Arcangel.
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May ulat si Xianne Arcangel.
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NewsTranscript
00:00 Finance Secretary Benjamin Diokno is not at fault for the rise in the country's debt
00:05 which has reached more than Php14 trillion this June.
00:09 Even though President Bongbong Marcos himself expressed concern
00:14 that the country's debt has exceeded 60% of the economy.
00:19 In his speech yesterday, the President said that the debt-to-GDP ratio is a bit high,
00:24 which is 61% this March.
00:27 But in the beginning of the discussion of the Camera,
00:30 in the so-called Php5.768 trillion budget for 2024,
00:35 Diokno said that the debt-to-GDP ratio is at an acceptable level.
00:40 It's not worrisome, Your Honor.
00:42 We have to borrow money because of the pandemic,
00:45 and it went up to around 62%, but that's still manageable, Your Honor.
00:52 Right now, because of the pandemic, I would say that the new rule of thumb should be around 70%, Your Honor.
00:59 Despite this, the government's goal is to lower the debt-to-GDP ratio to 60% or even lower by 2025.
01:09 And to cut the deficit by 3% of the GDP by 2028.
01:15 According to Diokno, their target is to gradually reduce the debt or net financing in the next year.
01:22 The government also emphasized the collection of taxes.
01:26 Diokno also denied the suggestion of a legislator
01:29 to let the government borrow money from the Central Bank to fill its shortcomings in the fund.
01:35 There's no more pandemic, and so I think it's also not fair for the Central Bank.
01:41 If I were governor of the Central Bank, I would not lend money to the national government at this time, Your Honor.
01:47 Despite the financial obligations of the government,
01:51 Diokno insisted that the Central Bank has sufficient funds for the Harlequin Wealth Fund.
01:56 While Albi Congressman Ed Seligman said that the government's priorities are wrong.
02:02 The Central Bank has already declared a 31.2 billion dividend.
02:08 So that's, the law says, for two consecutive years we can use the BSP dividend.
02:16 We are prioritizing contingent investments,
02:22 which could mature in the future,
02:29 rather than invest now for socioeconomic services and other expenditures needed by the government.
02:40 The Camera's target is to pass the budget by the end of September.
02:46 CNR Kanghel, CNN Philippines.