00:00 The Department of Budget and Management has confirmed that the country's debt is being used correctly.
00:06 It is also accompanying the implementation of revenue measures for the government's larger income,
00:12 like the one built by Tiburcio.
00:14 The Department of Budget and Management has defended the country's need for debt.
00:21 Deputy Speaker Ralph Recto said that the average daily spending in the 2024 budget will amount to P15.8 billion.
00:31 But P11.7 billion is the government's supported income.
00:36 To achieve this, the country needs to borrow P4 billion every day.
00:41 According to the Budget Secretary-General,
00:44 the country's debt is expected to remain high because the economy's operation will not return to 100%
00:54 not only in the Philippines but also around the world.
00:57 The truth is that the Philippines needs more than P1 trillion in loans this year
01:03 and P1 trillion again in 2024.
01:07 As long as the country is using the debt correctly, it is okay.
01:13 We are also following the levels.
01:16 I checked with the Treasury this morning. It's still consistent with our P3 plan.
01:22 According to the Secretary-General, the country's expected income will increase
01:27 because of the implementation of new revenue measures by the administration.
01:32 Meanwhile, the DBM assured that they are monitoring the increase in the budget utilization rate of agencies
01:38 and that they have seen a lack in budget utilization like DICT.
01:43 They promised to have a catch-up plan and increase their utilization rates before the start of budget deliberations.
01:56 The DBM also targets to implement more amendments to the procurement law
02:02 to speed up the procurement process in various industries.
02:05 Sometimes, they say they cannot deal because they don't have a husband.
02:12 They cannot start.
02:14 So we'll give them that and hopefully, they'll be able to finish the value.
02:19 We want everything.
02:21 Everything listed in the GAHA, we will release it so that all agencies can deal and start preparation.
02:31 The DBM will present the procurement reforms to the President in the next two weeks.
02:37 Naomi DiMorcio, for the nation.
