THE government incurred a budget deficit of P1.506 trillion last year, the Bureau of the Treasury reported on Thursday, exceeding the targeted P1.484 trillion even as revenue growth outpaced spending.
The result was equivalent to 5.7 percent of gross domestic product , just over the programmed 5.6 percent. It was, however, still lower than the 6.2 percent recorded in 2023 when the shortfall was higher at P1.512 trillion.'The budget deficit for 2024 narrowed by P5.7 billion year-over-year to P1.506 trillion as the robust 15.56-percent growth in revenues outpaced the 11.04-percent rise in expenditures,' the Treasury said in a statement.
7 billion but this was still higher than the P883.2 trillion collected in 2023.Treasury income hit P283.4 billion, exceeding the P187.0-billion program, while collections from other offices amounted to P335.0 billion, also breaching the P262.6-billion target for the year.The 2024 revenue effort improved to 16.72 percent of GDP from 15.73 percent in 2023 and was higher than the revised target of 16.12 percent. It was the highest since 1997, the Treasury said.The tax effort was also up 14.
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