The government’s fiscal deficit relative to the size of the economy declined last year amid higher state collections, the Bureau of the Treasury (BTr) reported Wednesday.
The government’s fiscal deficit relative to the size of the economy declined last year amid higher state collections, the Bureau of the Treasury reported Wednesday.
The Treasury attributed the fiscal outturn to revenue growth of 17.97% which outpaced the 10.35% growth in government spending. Non-tax collections made up 9% of the total revenue collection, surpassing the 2022 program by almost 98% or P160.7 billion with a 23.7% year-on-year growth. With this, Diokno said the Philippines is on track to achieving the goal of raising the tax effort to 17.1% by 2028.
The BTr’s income, meanwhile, reached P154.8 billion, surpassing the P63.4-billion full-year target by P91.3 billion, as well as the 2021 revenue performance by 23.5%. The full-year actual disbursements outperformed the P5-trillion target for 2022 by 4.14%, largely due to faster execution of capital outlay projects amid the lowest COVID-19 alert level classification for most parts of the country; implementation of targeted subsidy programs to mitigate the impact of higher food and fuel prices; and payment of compensation and other benefits for COVID-19 healthcare workers in health facilities.
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