Jan-Nov budget deficit drops 7% to P1.24T 

The national government incurred a budget deficit of P1.24 trillion from January to November this year, a decrease of 7 percent from P1.33 trillion in the same period last year, according to Finance Secretary Benjamin Diokno.

Diokno said 11-month revenues climbed to P3.3 trillion, which was P503.1 billion or 18 percent above last year’s level and representing 99 percent of the full-year goal for 2022.

Of this, tax revenues accounted for P2.96 trillion, which rose 17.5 percent from P2.52 trillion.

Also, national government spending reached P4.51 trillion, 9.9 percent higher than the P4.1-trillion 11-month bill in 2021