NextGen Day

Almost 90% of the projected 2023 National Budget, according to Senator Sonny Angara, will go toward government projects, with only around 11% going toward paying loan interest.

According to the congressman, this is less than it was in the 1980s and 1990s when the Philippine government set aside 25 to 30 percent of the national budget to cover loan interest.

Almost 70% of the PHP5.2 trillion projected budget for 2023, according to Angara, who chairs the Senate Committee on Finance, will come from tax receipts, and more than 20% will come from foreign loans.

He also denied claims that the country’s financial situation would suffer due to these loans.

“As long as taun-taon umuutang is observed, the participating families cannot be made to suffer. Ilang dekada na po ang nakaraan mula noon pa. It’s vital to note that this inuutang will be used to fund programs and projects that benefit our community as a whole. (Our citizens shouldn’t worry because we genuinely borrow money yearly.) Several decades ago since then. The key is that all borrowed funds must be invested in meaningful projects and initiatives that will significantly benefit our people, “Angara stated in a DWIZ interview.

He stated that the loans would be used for “human capital investment” initiatives including education, healthcare, and other government projects.

“We have a young population, thus the word “makikinabang” is appropriate. It will help them, and they will gain from it. As kids get older, our human capital investment will start to pay off. It will pay off for you to be involved in the intelligent and growing populace’s paglago. We shall profit as our population grows and becomes more intelligent, “Added Angara.

The Development Budget Coordination Committee (DBCC), which has already presented the 2023 National Expenditure Program, recently briefed the Senate Committee on Finance (NEP).

The National Economic Development Authority, the Office of the President, the Departments of Finance, Budget, and Management, Bangko Sentral ng Pilipinas, and the National Budget and Control comprise the DBCC.

The General Appropriations Bill of 2023 will be introduced to the plenary and approved by the Senate and the House of Representatives to become the General Appropriations Act of 2023 after the 2023 NEP has been carefully examined.

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