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Budget on track for surprise diamond-backed surplus

Friday, January 13, 2023 | 1010 Views |

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.

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