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Budget on track for surprise diamond-backed surplus

Balancing act: Serame’s books could be headed for a surplus at the end of March PIC: PHATSIMO KAPENG
Balancing act: Serame’s books could be headed for a surplus at the end of March PIC: PHATSIMO KAPENG

Stronger than expected mineral exports, particularly diamonds, helped the budget post a P598.7 million surplus for the first half of the 2022-23 fiscal year, an achievement that has raised hopes of a positive outturn for the full year.

The last time the budget recorded a first half surplus was in 2014-15 with P859 million, according to BoB records available online.

Finance Ministry technocrats have not yet revised their expectations of a P7.7 billion deficit for the current fiscal year, although Minister Peggy Serame is expected to give an update on the numbers when she delivers the budget next month.

Editor's Comment
A collective responsibility to end FMD spread

As cases continue to threaten herds and rural livelihoods, one simple but critical action can make a powerful difference: strictly adhering to FMD regulations, including refraining from slaughtering cloven-hoofed animals.Cloven-hoofed animals, such as cattle, sheep, goats, and pigs, are highly susceptible to FMD. Slaughter, especially during outbreaks or restricted periods, significantly increases the risk of spreading the virus through...

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