Gov't sees diamond recovery lowering 2021 deficit

Ministry of Finance and Development Planning documents seen by BusinessWeek show that the government is also banking on higher taxes and increased cost recovery from public services to limit the projected deficit, which would equate to 5.9 percent of gross domestic product (GDP).

The P12.6 billion forecast deficit compares to a projected shortfall of P15.2 billion for the current fiscal year which ends on March 31, 2021. The current year’s deficit, if actualised, would equal about eight percent of the GDP.