Proposed budget and actual revenue collection, financed by borrowing at rate of P5 billion per day

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The proposed budget is P6,352 trillion, and the projected revenue collection of P4.45 trillion or a deficit of P1.902 trillion /365 = 5.21 billion per day.   Thats the amount of borrowing we have to do in a day.     The annual budget is P6.352 =   P17.402 billion per day, sourced from  P12.19 revenues.  And the balance from borrowings.   

We wonder how our congressmen, legislators and govt officials can spend that much, and rely on deficit spending (financed by debt)  So dont wonder why our debt stock that was only P11 trillion at the start of the year is now over P15.00 trillion    As of the end of June 2024, the Philippines' national debt stock was P15.48 trillion. This is a 9.4% increase from the same period in 2023. 

Department of Treasury P15.18 trillion as of February 2024

BIR chief finds P3T revenue collection target challenging

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Despite additional take from digital services which could total P100 billion in the next five years, BIR chief finds meeting the P3t revenue target to be challenging.

However do our appropiations congressmen put restraint in spending?   Or shall we continue to be profligate and rely more on borrowings further increasing the P15t debt pile?     

Makakabawe ba tayo talaga.?

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Rizal Philippines

6.29.2021

We really hope and pray for that.

But major industries have been deeply wounded and affected.  This will have trickle down effect on many sectors of the economy.  The jobs lost in big companies will mean less purchasing power, less money in circulation  All ready many small businesses  have closed shop.  Daily we lose billions more.  

The very harsh and strict rules imposed and being observed right now, spell less and less revenue for many businesses.    Like me, I do not enter restaurants and other stores that shoo me off if I do not have face shield.  I feel bad towards banks who herd customers and treat them that way as they impose retrictions on people entering the bank  There will be days of reckoning  and comeuppance. 

The govt which has borrowed extensively is looking at empty coffers because not too many are paying taxes, and where will they get the repayment if there is lower tax base.   The lawmakers are not keenly aware that when they budget there has to be sources of funds.   They are being depleted.  Many businesses are online and therefore the govt revenue measures has many holes