Gov’t posted P88-B budget surplus in January

MANILA, Philippines  — The government’s fiscal position snapped eight straight months of deficit to post a budget surplus of P88 billion in January, the Bureau of the Treasury reported Friday.

In a statement, the Treasury attributed the fiscal surplus to the faster 21.15-percent year-on-year increase in revenue collection to P421.8 billion, which outpaced the 10.39-percent expansion in government spending to P333.9 billion.

READ: PH plans to borrow P2.46 trillion in 2024

The Marcos administration is planning to borrow a total of P2.46 trillion from creditors at home and abroad in 2024 to help bridge its budget deficit, which is projected to hit P1.4 trillion this year.

Finance Secretary Ralph Recto said the government will remain “prudent” in its debt management by continuing to adopt a 75:25 borrowing mix in favor of domestic sources.

That means that the borrowing program this year will be composed of local debts worth P1.85 trillion and foreign financing amounting to P606.85 billion.