Diokno: Gov’t debt burden just 11% of budget in 2023

“Only 11.6 percent or P611.0 billion of the P5.268 trillion proposed 2023 national budget is allocated for debt burden. The amount includes P582.3 billion for interest payments and P28.7 billion for net lending,” Diokno said in a statement.

He said the principal amortization would not contribute to additional debt, Debt obligation is only transferred from an old creditor to a new creditor in the process of refinancing, he said.Diokno said the proper measure of the debt burden component of the budget includes interest payments and net lending as reflected in the Department of Budget and Management’s People’s Budget primer.

Data showed that as of end-June, the national government debt reached P12.79 trillion, equivalent to 62.1 percent of GDP.

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