Skip to content Philippines Budget Deficit Shrinks in November 2023
Reuters – In November 2023, the Philippines witnessed a notable decrease in its government budget deficit, dropping to PHP 93.3 billion from PHP 123.9 billion a year earlier. This improvement reflects a year-on-year increase in government revenues by 2.82%, reaching PHP 340.4 billion. A significant part of this rise was due to a 37.3% boost in non-tax collections. However, it’s important to note that tax collections saw a decline of 27.9%.
On the expenditure side, there was a 4.69% reduction in government spending, totaling PHP 433.6 billion. This decrease is partially attributed to lesser national tax allotment shares to local government units and reduced direct payments on transportation projects. When looking at the broader picture from January to November, the Philippines’ budget deficit experienced a 10.09% reduction, falling to PHP 1,111.1 billion compared to the same period in the previous year. This indicates a positive trend in managing the Philippines Budget Deficit.
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