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Philippines' Budget Deficit Now On Track

by Mary Swire, Tax-News.com, Hong Kong

23 December 2010


The Philippines’ government managed a small surplus last month, which, for the first time, brought the fiscal deficit within its 2010 budgeted target.

In November this year, a PHP482m (USD10.8m) budget surplus was seen, bringing the total fiscal deficit for the year to date to only some PHP270bn, well below the PHP300bn expected for the period of the year.

While a lower increase in public spending was the main reason behind the month’s budget surplus, President’s Benigno Aquino III’s new government is said to be succeeding in its compliance actions against tax evaders and smugglers. While both tax agencies have seen revenue collections below target due to additional tax credits and duty exemptions, current court action is being taken by both the Bureau of Internal Revenue and the Bureau of Customs.

The government is now on course to reach its forecasted budget deficit for the full year of PHP325bn, or 3.9% of the country’s gross domestic product (GDP). Its expected budget deficit for 2011 is PHP290bn, or 3.2% of GDP, and it has forecast reductions in the deficit to 2% of GDP by 2013.

TAGS: court | compliance | tax | economics | tax compliance | tax avoidance | law | budget | Philippines

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