Advertisement

Budget deficit seen narrowing in 2016

An expected weighty jump in non-mineral taxes is seen narrowing next year’s budget deficit to 0.03 percent of Gross Domestic Product (GDP) from a projected 2.6 percent shortfall this year.

In a revised 2016-2017 Budget Strategy Paper (BSP) released yesterday, the Ministry of Finance and Development Planning said the proposed budget for 2016-2017 financial year projects total revenues and grants to reach P55.69 billion, an increase of 3.1 percent from the 2015-2016 original budget estimates of P54 billion.

Non-mineral revenue is projected to record the highest growth of 10.4 percent to P10.32 billion.

Advertisement
Editor's Comment
Celebrate responsibly, put safety first this holiday

“Safety first is safety always”– Charles M HayesAs most people begin travelling across the country to spend the President’s Holidays with family and friends, there is every reason to embrace the joy and togetherness that this period brings.While holiday periods bring joy, they are sadly often accompanied by a rise in road accidents, violent incidents and other avoidable tragedies. Too often, families that set out to celebrate together end...

Have a Story? Send Us a tip
arrow up