Finance ministry eyes balanced budget next year :: Mmegi Online

Local fiscal authorities expect the country’s budget to balance in the 2023-2024 financial year and return a surplus, a feat which, if achieved, will be the first time revenues have exceeded spending in six years, BusinessWeek has learnt.

The country has been running annual deficits in its budget since the 2016 -2017 financial year, with the shortfall peaking at P16.4 billion in 2020-2021, worsened by expenditure on the COVID-19 response. The situation over the years has drained government savings and forced authorities to raise more debt from the local capital market and international financiers.

This week, data sourced from the finance ministry after the Budget Speech on Monday indicates that restrained spending going forward and the stabilisation of earnings from key revenue streams could produce a balanced budget and surplus in the 2023-2024 financial year.

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Finance ministry eyes balanced budget next year

Local fiscal authorities expect the country’s budget to balance in the 2023-2024 financial year and return a surplus, a feat which, if achieved, will be the first time revenues have exceeded spending in six years, BusinessWeek has learnt.

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