SECTOR: Economy
SONA YEAR: 2022
Have 3% national government deficit to GDP ratio by 2028
PROMISE STATUS - DATE: In progress as of 07/17/2023
- According to the BSP, the deficit to GDP for the first quarter of 2023 is at 4.8%, compared to 6.4% for the same period in 2022. The BSP sees the deficit declining further to 5.1% in 2024.
- The World Bank noted that in the first quarter of 2023, public expenditures declined by about 3% since local governments had a lower revenue base in 2020. Public revenues also declined by about 1.3% “amid slower GDP growth and as authorities changed the timing of VAT payments.”