Nearly two years into the term of the Marcos administration, government economists acknowledged that reducing the country’s budget deficit would take longer than initially projected amid the need to still support key programs despite a limited fiscal space, with returning to pre-COVID levels unlikely to happen in the short-term.
MANILA, Philippines —
“This will provide the necessary fiscal space to support the government’s spending plan to invest more heavily in infrastructure and human capital development and provide adequate and well-targeted social services,” it said. A slower budget deficit reduction will continue by 2026 as the gap will only be slashed to P1.48 trillion or 4.7 percent of GDP compared to the previous assumption of 3.5 percent.
To plug the deficit, the DBCC said borrowings would be complemented by an upsurge in revenue collections over the medium-term as a result of improved tax administration and recalibrated revenue measures. Over the medium-term, disbursements are expected to remain at an average of 20.7 percent of GDP, reaching P5.754 trillion this year and further increasing to P7.45 trillion by 2028.Beautycon 2024: Highlights, spotted celebs, top brands from the beauty event of the yearUS Powerball jackpot spiked to $975 million and you can join from the Philippines
The increase in the prices of goods and services in the country accelerated for the second straight month in March on the...Elon Musk revealed Friday that Tesla will pull back the curtain on a robotaxi this summer, news that comes as adoption of...
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