The Philippine national government’s budget deficit narrowed by 3.4 percent or P56 billion to P1.61 trillion in 2022 from P1.67 trillion in 2021, according to the Bureau of the Treasury.
The deficit declined as an 18-percent surge in revenues (which reached P3.54 trillion) outpaced a 10-percent jump in expenses (P5.16 trillion).
Full-year revenue exceeded the government’s target of P3.3 trillion by P241.4 billion or 7.3 percent.
Meanwhile, the government last year spent P205 billion more than the planned P4.95 trillion or 4.1 percent higher.
The greater-than-expected expenditure was “largely attributed to the faster execution of capital outlay projects…implementation of targeted subsidy programs…and payment of compensation and other benefits for COVID-19 healthcare workers in health facilities.”