MANILA, June 24 (Bloomberg/Xinhua): The Philippine government plans to borrow 2.46 trillion pesos (US$44.1 billion) in 2024, up 12% from this year, the Manila Bulletin reported, citing Budget Secretary Amenah Pangandaman.
Domestic borrowing will account for 75% of the total and the rest will be from external sources, the newspaper quoted the budget chief as saying.
The government’s outstanding debt was at 13.91 trillion pesos as of April, 68% of which was borrowed locally.
Quarterly debt-to-gross domestic product ratio stood at 61% as of end-March, according to the Manila Bulletin.
Philippine President Ferdinand Marcos Jr had also approved the 5.768 trillion pesos (US$103.73 billion) proposed national budget for 2024, 9.5 percent higher than the budget for 2023, the Department of Budget and Management said on Friday.
Budget Secretary Amenah Pangandaman said the budget, equivalent to 21.8 percent of the country's gross domestic product (GDP), "reflects the government's commitment to pursue economic and social transformation to address the scarring effects of the pandemic and the impact of inflation."
The budget will prioritize "shovel-ready investments in infrastructure projects, investments in human capital development, and sustainable agriculture and food security," she added.
Pangandaman said the budget is "an indispensable step" toward the government's goal to bring down the deficit to 3 percent of GDP, and reduce the poverty rate to single digit by 2028.
The government will submit the proposed budget to Congress for further deliberations before it becomes a bill. - Bloomberg/Xinhua
