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Deficit-to-GDP ratio softens to 4.5 percent in Q1

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The budget deficit’s share to the overall economy softened in the first quarter and is still closing into its pre-pandemic level as the government moves to consolidate its finances.

MANILA, Philippines —

During the quarter, revenue collections grew by 14 percent to P933.7 billion, with both tax and non-tax revenues posting growth. Even with the easing deficit-to-GDP ratio, the government is already expecting that cutting the deficit will take longer than initially projected amid the need to continue supporting key programs despite a limited fiscal space.

For next year, the deficit is projected to be at P1.49 trillion or 5.2 percent of GDP. This is a significant revision from the 4.1 percent earlier expectation. As the government ends its term in 2028, the budget deficit will be at P1.37 trillion or 3.7 percent of the economy, instead of finally hitting the level prior to COVID-19 at three percent.

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