In an analysis titled “Philippines: Narrower Fiscal Deficit In 2024,” BMI said the Philippine budget deficit could narrow to 5.5 percent this year from 6.2 percent of gross domestic product in 2023. If realized, it would mark the third straight year that the fiscal gap shrank.MANILA, Philippines — The Philippines may incur a smaller budget deficit this year on the back of robust revenue growth, according to BMI Country Risk & Industry Research.
“Revenue collection will likely overshoot target in 2024 as efforts to broaden the tax base gain traction,” BMI said. “Consequently, we expect debt levels to ease over the coming years.” On the expenditure side, the research firm said it expects spending growth to quicken to 18.2 percent of GDP from 18 percent in 2023. BMI also predicts that government disbursements will make up 21.5 percent of GDP.
The Philippines borrows heavily from both onshore and offshore creditors to finance the country’s budget deficit as it continues to spend more than what it earns. The Securities and Exchange Commission is working to ban the Binance app following recent efforts to block its website and... The SM Group is fortifying its dominance in the country’s retail industry with plans to open 15 new shopping malls over...