Budget deficit seen narrowing in 2016

Friday, September 11, 2015

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.

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