MANILA -The government’s budget deficit shrank 24.5 percent year-on-year to P93.3 billion in November after public spending declined during the month.
The November figure was, however, way higher than the P34.4 billion budget gap in October. It brought the total fiscal shortfall in January to November 2023 to P1.1 trillion.
Data from the Bureau of the Treasury showed revenues grew 2.82 percent to P340.4 billion in November. This brought the 11-month revenue haul to P3.56 trillion, up 8.75 percent compared with a year ago.
READ: PH budget deficit seen further narrowing in 2023, 2024
Meanwhile, government spending contracted 4.69 percent year-on-year to P433.6 billion.
So far this year, expenditures amounted to P4.68 trillion, up 3.59 percent on an annual basis.
The Marcos administration has set a budget deficit cap of P1.5 trillion for this year.