In October 2021, revenues grew faster than government spending, resulting in a budget deficit of…
In November, the budget deficit decreased by 3.7%: DOF
According to a report released on Tuesday by the Department of Finance (DOF), the government’s budget deficit for November this year was PHP123.9 billion, down PHP5 billion from November 2021.
This is because last month’s spending was more than the growth in revenue collection.
According to the DOF, income collections increased by 16.6% to PHP331.1 billion in November 2022. This resulted in increased revenue receipts of PHP47 billion from the previous year.
In the first eleven months of the year, revenue collections were PHP3.3 trillion, an increase of 18.1 percent or PHP503.1 billion over the same time in 2021.
According to the income performance, the government has already reached its annual PHP3.3 trillion goal in full. Taxes made up 90% of total revenue collections, or PHP3 trillion, while non-tax sources made up 10%, or PHP317.7 billion, the DOF said in a statement.
On the other hand, government spending rose by 10.2% in November to PHP455 billion.
91 percent of the PHP5 trillion national budget program for this year, or PHP4.5 trillion, has already been spent by the government between January and November of this year.
In comparison to the same period in 2021, the government’s budget deficit has decreased by 7.2 percent, or PHP96.3 billion, to PHP1.2 trillion so far this year.
“These changes are a positive approach to round out the year. In order to reach our revenue and spending goals, our government departments have been working very hard. We will greet 2023 on the solid financial ground,” declared Benjamin Diokno, secretary of the DOF.
The Development Budget Coordination Committee (DBCC) set a goal for the beginning of this month to reduce the budget deficit to PHP1.47 trillion while increasing income collection to PHP3.71 trillion and spending to PHP5.2 trillion.
The Philippine Development Strategy 2023–2028, the country’s medium-term plan concentrating on creating quality jobs to bring Filipinos out of poverty faster, is planned to launch next year with a national budget of PHP5.3 trillion.
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