24 Mar 2020, 13:00 — 3 min read
National Government (NG) spending sped up despite the delay in the passage of the 2019 national budget. Last minute December disbursements surged by 57.8%, year-on-year, bringing full-year government expenditures to an annual growth of 11.4%.
On an annual basis, “Productive Spending” or expenditures net of interest payments reached PhP3,436.9 billion, increasing 12.3%. While, total “Interest Payments” (IP) was PhP360.9 billion. Revenue effort, on the other hand, went up 16.7% from 16.4% the previous year. Tax effort at 15.2%, however, was lower than the goal of 15.5% but higher than 2018’s 14.7%. The BIR notched an 11.5% improvement from last year, and the BoC’s net revenue take was 6.3% better than the previous period. The BTr, meanwhile, generated PhP146.5 billion, almost double the programmed amount for the year. The full-year deficit was at 3.55% of GDP, higher than the 2019 target of 3.25%.
Article by: Ruben Carlo Asuncion
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