budget deficit - updates

Rappler's latest stories on budget deficit


Virus crisis sends Canada deficit soaring to all-time high

Jul 09, 2020 - 4:20 PM

The Canadian government's debt is seen to surge from $765 billion in March 2020 to $1.236 trillion by March 2021

DESERTED. A street in the town of Niagara Falls, Canada, is seen during the coronavirus pandemic on April 27, 2020. Photo by Emma McIntyre/Getty Images/AFP

[ANALYSIS] How the budget deficit exploded under Duterte’s watch

Mar 05, 2020 - 1:16 PM

Allowing the deficit to blow up to 6.8% last quarter does not reflect well on fiscal managers and suggests fiscal irresponsibility and mismanagement

Rising 'above serial underspending’? Budget gap widens in 2018

Feb 22, 2019 - 6:06 PM

The fiscal deficit in 2018 reaches P558.3 billion, 3.2% of the country's gross domestic product

Philippines to meet budget deficit target in 2018, says DOF

Nov 28, 2018 - 2:50 PM

The Bureau of the Treasury says the year-to-date fiscal gap stands at P438.1 billion of the P523.6-billion target cap

TARGET. Finance Secretary Carlos Dominguez III says the Philippine government will most likely hit the budget deficit ceiling targeted for 2018. Photo from Department of Finace

Gov't now expects 2018 inflation to reach as high as 4.5%

Jul 02, 2018 - 5:55 PM

The government previously pegged inflation at just within 2% to 4%, but prices keep rising. Meanwhile, the deficit forecast is also raised to 'sustain the momentum of the Build, Build, Build program.'

#ThewRap: Things you need to know, May 24, 2018

May 24, 2018 - 10:05 AM

Hello! Here are the stories you shouldn't miss this Thursday.

WEAVING HOPE. It's in the Sinagtala weaving center where women are able to escape and eventually, heal from the scars of the war. Photo courtesy of Sinagtala

Gov't underspending leads to narrower budget deficit as of April

May 23, 2018 - 8:05 PM

The Philippines' budget deficit from January to April is at P115.9 billion, lower than the P167.1-billion projection

[OPINION] Duterte’s ‘twin deficits’: What you need to know

Dec 01, 2017 - 9:35 AM

One can’t help notice that the Duterte and Marcos economic strategies – a huge infrastructure spending spree financed by deficits – are eerily similar

EU abandons budget fines against Spain, Portugal

Jul 28, 2016 - 2:45 PM

Sanctions even symbolic ones would not have been understood by the public explains EU economic affairs commissioner Pierre Moscovici

epa05443448 European Commissioner for Economic and Financial Affairs, Pierre Moscovici during a press conference in Brussels, Belgium, 27 July 2016. The European Commission today adopted a Rule of Law Recommendation on the situation in Poland, setting out the Commission's concerns and recommending how these can be addressed. EPA/LAURENT DUBRULE

Gov’t deficit rises to P120.3B in H1 2016

Jul 27, 2016 - 6:57 PM

For the first 6 months of the year government spending totaled P1 22 trillion 14 higher than last year s P1 07 trillion

PH gov't records P6B surplus in November

Jan 07, 2016 - 5:54 PM

This is the fourth time in 2015 that the government achieves a budget surplus

TRIM. The fiscal performance in November trimmed the year-to-date deficit to P46.5 billion ($987.95 million). File image

PH gov't records P15B surplus in August

Oct 01, 2015 - 5:47 PM

For the first 7 months of the year the government incurs a deficit of P3 4 billion significantly lower than the programmed deficit of P197 2 billion

LOWER. Data from the Bureau of the Treasury (BTr) shows the government's' budget surplus for the month is 50% below the year-ago level of P29.9 billion ($639.99 million). File photo from Agence France-Presse

BIR misses June target despite higher collection

Jul 25, 2015 - 9:52 AM

Should the agency fail to hit its collection target for the year it will force the government to borrow funds to make up for the shortfall

MISSED TARGET. The Bureau of Internal Revenue (BIR) misses its target collection in June of P117.81 billion

Gov't incurs record-high budget surplus in May

Jul 20, 2015 - 5:30 PM

The May budget surplus of P67 3B is 472 higher than the P11 8B surplus recorded in the same period in 2014

Give to sick to solve gov’t underspending – Recto

Jun 13, 2015 - 5:49 PM

Senator Ralph Recto says more money should be allotted for waiting deserving visible patients who can spend the unused budget fast

FOR THE SICK. Senator Ralph Recto said that   a portion of the unused national budget should be allocated for the public health. File photo by Alex Nuevaespaña/PRIB

Aquino gov't fails to meet spending targets by 66%

May 25, 2015 - 7:00 PM

The Aquino administration continues to underspend as the deficit in the previous quarter stands at P33 5B versus the P98 1B target for the period

Gov’t underspending narrows deficit to 0.6% of GDP in 2014

Mar 13, 2015 - 10:44 AM

To address underspending in 2014 the government says it will increase infrastructure investments by 4 of GDP in 2015

Saudi projects big deficit as oil price drop bites

Dec 25, 2014 - 10:18 PM

The Saudi government projects a 38 6 billion deficit but says it will not raise oil prices

Gov’t deficit falls 86% for Jan-Oct

Dec 02, 2014 - 6:27 PM

Lower than target spending in the first 10 months of 2014 pulls down the national government’s budget deficit

Gov’t borrowings down 41.4% in September

Dec 01, 2014 - 1:31 PM

Lower year on year local borrowings pulls down the gross borrowings for the 9 month period

Government keeps deficit at P31B for Jan-Sept

Oct 30, 2014 - 10:55 AM

The government receives flak for spending below program despite the need to accelerate expenditures for the reconstruction and rehabilitation in typhoon affected areas

Why we shouldn’t politicize the fuel subsidy debate

Oct 28, 2014 - 1:00 PM

When BBM subsidies are driven by largely political issues we tend to overlook the core issues – economics moral hazards and inefficiency

LONG QUEUE. Indonesian motorists wait for their turn to fill up their motorbikes with subsidized fuel at a gas station in Yogyakarta on Aug. 27, 2014, when state oil company Pertamina reduced daily quotas. File photo by Bimo Satrio/EPA

Gov’t borrowings down 85% in August

Oct 13, 2014 - 3:55 PM

Payments for domestic debt which matured in August amounted to P718M which means the government s net local borrowings stood at P19 85B during the said month

Philippines posts P30-B budget surplus in August

Sep 25, 2014 - 5:14 PM

The surplus in August is 36 higher than the P22 billion surplus registered in the same period in 2013 Netting out interest payments government spending only grew by 4 year on year

Gov’t fiscal deficit narrows to P1.8-B in July

Aug 29, 2014 - 1:19 PM

The government s July deficit is down 97 from the same period in 2013 attributed to ramped up collection efforts by revenue generating agencies

Gov’t infra spending jumps 63% in June

Aug 20, 2014 - 6:59 PM

Bulk of disbursements went to AFP aircraft acquisition and DPWH projects

FA-50: The Philippines recently signed a contract acquiring a squadron of FA-50 fighter jets from South Korea. File photo / Rappler

Gov’t records P62.5-B budget deficit in June

Jul 28, 2014 - 2:50 PM

Increased government spending resulted in the deficit

6-FOLD HIGHER. The P62.5-billion budget deficit in June is 6-fold higher from the P8.5-billion recorded in June 2013. File photo by Agence France-Presse

Gov't to borrow P135B in 3Q despite budget surplus

Jun 27, 2014 - 9:45 PM

The finance department says the borrowing program for 2015 is lower than the P715 billion set for this year

WHY BORROW? The government usually borrows funds to support its budget deficit and to pay for its maturing liabilities. File photo by AFP

Gov’t wipes out deficit end-May

Jun 26, 2014 - 12:30 PM

The government books a surplus for the first 5 months of 2014 as revenue collections grow by double digits

Photo by AFP

PH imports forecasts raised, exchange rate adjusted

Jun 21, 2014 - 2:03 PM

Despite revisions the growth target for 2014 is still attainable the NEDA chief says

ADJUSTED. Pressure from imports prompted adjustment to the exchange rate from P41 to 44 to P42 to 45 for the year until 2016. File photo by AFP

PH posts P81-B budget surplus in April

Jun 04, 2014 - 3:15 PM

This helped narrow down the deficit in January April to P3 3 billion versus P29 7 billion a year ago

Photo by AFP

Q1 deficit 'well within' target

Apr 30, 2014 - 4:51 PM

This as government revenues and spending fall below targets

Photo by AFP

Gov't reduces deficit to P9.7B in Feb

Apr 14, 2014 - 3:39 PM

The deficit was lower as government revenues grew faster than expenditures

Photo by AFP

Deficit nearly doubles in Jan on Yolanda spending

Mar 27, 2014 - 12:57 PM

The government accelerates spending for rehabilitation works in areas ravaged by Typhoon Yolanda

DEFICIT. The Philippines incurs a higher deficit in January as it ramps up rehab spending in Yolanda-hit areas. Photo by AFP

Aquino gov't trims deficit to P164B in 2013

Mar 08, 2014 - 11:19 AM

Revenue collections and spending fall below government targets

LOWER DEFICIT. The Philippines trims its budget deficit as revenues and spending fall below government targets. AFP PHOTO

Gov't posts P1-B budget surplus in November

Jan 08, 2014 - 6:36 PM

Finance chief Cesar Purisima says the surplus is encouraging given that the government had to spend for recovery efforts following Typhoon Yolanda Haiyan

SURPLUS. The Philippines posts a budget surplus in November despite having to spend for Typhoon Yolanda recovery efforts. AFP PHOTO

Jan-Oct deficit falls nearly 3% to P112.5B

Dec 05, 2013 - 2:32 PM

The amount is well within government projections says the Treasury

DEFICIT. The Philippines budget gap continues to be well within government ceiling. AFP Photo

US 2013 deficit falls to half of 2009 peak

Oct 31, 2013 - 9:43 AM

The US budget deficit plunged 37 5 in fiscal 2013 to less than half its level 4 years ago on sharp spending cuts and surging revenues

BUDGET DEFICIT. The US budget shortfall plunges to half of 2009's. Photo by AFP/Mladen Antonov

9-month deficit below gov't program

Oct 30, 2013 - 3:18 PM

The government incurs a deficit of P101B in Jan Sept below program as it misses revenue and spending targets

DEFICIT. The Philippines budget gap continues to be below government ceiling. AFP Photo

PH posts P22-B budget surplus in August

Oct 08, 2013 - 10:34 AM

The government posts a P21 9 billion budget surplus in August as spending slows down

SURPLUS. The Philippines spent less than it earned in August. Photo by AFP

Jan-July deficit widens on higher govt spending

Sep 09, 2013 - 12:55 PM

Finance Secretary Cesar Purisima says government expenditures grew faster than revenues

DEFICIT. The Philippines budget gap is on track with government target, says Finance department. AFP Photo

First-half deficit of P51-B below program

Jul 25, 2013 - 2:42 PM

The deficit fell below ceiling as the government missed its revenue and expenditure targets

DEFICIT. The Philippines budget gap continues to be below government ceiling. AFP Photo

Brazil announces $6.65-B spending cut

Jul 06, 2013 - 11:56 AM

The announcement was meant to reassure financial markets by signaling that Brasilia can maintain fiscal discipline

BUDGET CUTS. Civilian police officers take part in a demonstration against their low salaries and bad working conditions, in Sao Paulo, Brazil, on July 4, 2013. File photo by AFP.

Jan-May deficit at P43-B, below ceiling

Jun 27, 2013 - 11:33 AM

Purisima says the deficit continues to be well within government ceiling despite the healthy pace of expenditures

DEFICIT. The Philippines budget gap continues to be below government ceiling. AFP Photo

April surplus trims 4-month deficit to P29.7-B

May 27, 2013 - 1:32 PM

The government s fiscal performance in April narrows the P66 478 billion budget deficit incurred in the first quarter

PH budget deficit widens in Q1

May 02, 2013 - 10:45 AM

Philippines budget deficit in January March reaches P66 478 billion almost double the P35 198 billion posted in the same quarter a year ago

Jan-Feb budget deficit soars to P31-B

Apr 03, 2013 - 2:35 PM

The deficit is up over 491 from a year ago as government spending outpaces revenue collections

DEFICIT. The Philippines records a higher budget gap in January-February as government spending accelerates. AFP Photo

'PH on track to meet 2% deficit-to-GDP goal'

Feb 28, 2013 - 7:46 PM

The inter agency body setting the country s macroeconomic targets says government is committed to its fiscal consolidation strategy

AFP Photo

2014 budget deficit set: P266-B

Feb 25, 2013 - 12:32 PM

The figure is 11 9 higher than 2013 s P238 billion ceiling