THE government's budget balance reversed to a deficit in November as spending outpaced revenue, the Bureau of the Treasury reported on Thursday.The P213-billion shortfall — from earnings of P338.3 billion and expenditures of P551.3 billion — reversed from October's P6.3-billion surplus and was also wider than last year's P93.3-billion deficit.Year to date , the budget balance remained in deficit at P1.18 trillion, also higher than the P1.
68 percent higher at P850 billion.'The positive YTD growth can be primarily attributed to the higher YoY collections from import duties, VAT, and excise taxes as a result of a higher value of non-oil imports , PHP/USD exchange rate, and value and volume of petroleum oil imports, among others,' the Treasury said.Other offices' collections edged up to P2.4 billion from P2.1 billion while the year-to-date tally rose 11.96 percent to P31.3 billion.
Balance Swings To Deficit In November
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.
Christmas on a budget: Enjoying the holidays without going over budgetCHRISTMAS is more than just a season in the Philippines; Filipinos celebrate it as early as September. It’s a time to enjoy family, culture and happiness.
Read more »
Imee Marcos: Reenacted budget better than 'very bad' 2025 budget billLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
Philippines President to Sign $6.352 Trillion Budget for 2025 Before Year EndsPresident Ferdinand 'Bongbong' Marcos Jr. plans to sign the P6.352 trillion national budget for 2025 before the end of the year. Marcos emphasized the need for careful review of some budget additions not part of the original proposal. He stated that the proposed budget was approved by both houses of Congress and the executive branch now needs to decide on the next steps. Marcos said the initial plan was to sign the budget on December 20, but he aims to complete it before the year ends. He stressed that the 2025 budget must focus on priority projects and include stronger safeguards, especially for new items added to the budget. Marcos raised concerns about some proposed projects lacking proper documentation and clarity on fund utilization. He also pointed out that the government needs to be cautious with spending, as there are existing debts. Executive Secretary Lucas Bersamin confirmed that the government will veto certain items and provisions in the national budget bill for the public good, to align with the fiscal program, and to comply with the law.
Read more »
House of Representatives Quad Committee Approves Detention of Bureau of Customs 'Fixer' Mark TagubaThe House of Representatives Quad Committee has approved the detention of Bureau of Customs 'fixer' Mark Taguba at the House detention facility due to security threats. The approval came during a hearing where Abang Lingkod Party-list Representative Stephen Paduano moved for the detention.
Read more »
Unprogrammed funds bloat national budget | Reine Juvierre S. AlbertoThe government has inserted more unprogrammed funds into the national budget for this year, pushing it to a record-high of P6.149 trillion. Latest data from the Department of Budget and Management (DBM) showed P121.875 billion in unprogrammed funds were added to the national budget in November.
Read more »
US wholesale prices pick up in NovemberWASHINGTON, D.C. — US producer inflation climbed in November, government data showed on Thursday, logging its biggest year-on-year increase since February 2023 as food costs jumped.
Read more »