Fiscus approaches moment of truth in November

Thus far, the Finance ministry’s response to the steep downturn in revenues has been on the recurrent side, with restrained spending on travel, new fleet, computers as well as workshops and seminars. Development spending has been slowed to later in the financial year for some projects, affecting approximately 22% of the approved budget of P29.8 billion.

Any proposals to cut the originally approved spending of P102.3 billion would require the Finance Ministry to go to Parliament with a request.