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Gov't to borrow P2.46 trillion for 2024 budget: Quimbo (news.abs-cbn.com)

submitted 1 year ago by [email protected] to c/philippines

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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.

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[–] wildcardology 2 points 1 year ago

How much is that for confidential funds?

[–] [email protected] 1 points 1 year ago (1 children)

Is this sustainable almost 50% of budget are now borrowings?

[–] [email protected] 2 points 1 year ago

A big chunk of that will probably be used to service previous debt iirc

Yes you're right I used the new debt to pay the old debt