The Department of Finance has clarified that debt burden makes up only around a tenth, not one third, of the proposed 2023 national budget. Know more:
THE Department of Finance has clarified that debt burden makes up only around a tenth, not one third, of the proposed 2023 national budget.
“This is much lower than the P1.6-trillion debt service—equivalent to 29.8 percent of the proposed budget—cited in the article, which erroneously included the principal amortization of P1.020 trillion as part of expenditures,” Diokno said. He added that the principal amortization does not contribute to additional debt because debt obligation is only transferred from an old creditor to a new creditor in the process of refinancing.
While the share of debt burden in the national budget is 0.8 percentage points higher than this year’s 10.8 percent, Diokno pointed out that this remains lower than 2021’s 12.4 percent.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DoF says debt service bill only 11.6% of 2023 budget - BusinessWorld OnlineFinance Secretary Benjamin E. Diokno said the debt service bill accounts for 11.6% of the proposed 2023 budget, rejecting a report that the payments amount to nearly 30% of government spending. READ:
Read more »
DOJ on ICC drug deaths probe: ‘We are not complying with any demand’ - BusinessMirrorTHE Department of Justice (DOJ) has declared that the government would not comply with any demand from the International Criminal Court (ICC) in connection with its plan to reopen the investigation on the alleged crimes committed against humanity in former President Rodrigo R. Duterte’s bloody campaign against illegal drugs. During Wednesday’s Kapihan sa Manila Bay news
Read more »
VP Duterte’s office seeks P2.3-B budget for 2023Vice President and concurrent Education Secretary Sara Duterte has proposed a P2.292-billion budget for the fiscal year 2023, more than thrice the allocated budget for the Office of the Vice President (OVP) in 2022.
Read more »
Zubiri prepares for quick review of 2023 budgetAccording to Zubiri, they will scrutinize the different programs of the government in the National Expenditures Program but there won’t be too many changes. Zubiri said they expect to deliberate on the national budget in November. READ:
Read more »
Zubiri sees quick deliberations on proposed 2023 nat’l budget in SenateSenate President Juan Miguel Zubiri on Wednesday said he sees a quick deliberation on the 2023 General Appropriations Bill (GAB) in the Senate as the proposed P5.268 trillion has a "very minimal" increase from the current fiscal year&39;s P5.024 trillion appropriations.
Read more »
Barbie Ferreira announces departure from 'Euphoria'Barbie Ferreira will not be returning for the third season of "Euphoria."
Read more »