A P24bn budget miscalculation
Friday, May 23, 2025 | 900 Views |
Missing the mark: Serame’s expected revenues were significantly off the actual outturn PIC: MORERI SEJAKGOMO
For the financial year 2024-2025 technocrats at the Ministry of Finance missed their revenue projections by P24.89 billion a staggering miss for people who live and breathe macroeconomic numbers for a living.
Preliminary figures shared by the Minister of Finance in February showed that the deficit shot above the forecast 3.2% of GDP to nine percent, another big jump in numbers that cast doubt over the work of the country’s technocrats or the political head honchos that are superiors to these technocrats.
Acting Agriculture Minister, Edwin Dikoloti, is right in saying opening an export-ready facility whilst Foot and Mouth Disease (FMD) is still spreading would risk getting the whole country blacklisted before a single carcass leaves the door.A ban like that would break the already stressed nation. So, the postponement, painful as it is, is the right thing to do. The local economy is being squeezed from both ends. FMD has already slammed the door...