NDP 10 budget deficit slashed

No Image

Higher than projected revenues coupled with constrained spending has slashed the National Development Plan (NDP10) cumulative budget deficit to P12.7 billion from an intial estimate of P31.9 billion.

According to the plan's  Mid-Term Review (MTR) document currently being debated in Parliament, total revenues were originally put at P213.7 billion in the seven-year plan period against expenditure of P245.7 billion. But the resource  envelope  have since been revised to P272.9 billion and P285.4 billion respectively."These  new projections indicate that the plan will end in 2016 with a national accumulated deficit of P12.7 billion. While this situation is favourable when compared to the original cumulative deficit projection, this is significant and it points to the economy's need to start generating budget surpluses that can be used to pay off part of  this national debt," reads the MTR report.

NDP 10 is a three-pronged economic and social development strategy that seeks to create a private sector enabling and supportive policy environment, stimulate increased domestic and foreign private investment and enhance competitiveness in both goods and services markets.The MTR paper provides a review of the NDP to determine whether the implementation process is achieving the intended objectives and targets. The plan will then be revised to orient it towards the desired course for the remaining part of the implementation period.

Editor's Comment
Let’s stand against the menace of ‘CAT’

Methcathinone’s addictive grip is tightening, and its consequences are devastating. Lives are being ruined, families torn apart, and futures dashed by its destructive power. The drug’s allure knows no bounds, with various methods of ingestion making it accessible to users of all preferences.Whether it’s snorted, smoked, injected, or taken orally, the outcome is the same: a path of ruin and despair. It is time for action. The government,...

Have a Story? Send Us a tip
arrow up