MANILA (Philippine Daily Inquirer/Asia News Network): The country ended 2021 with its biggest-ever budget deficit amounting to P1.67 trillion, inflicted by huge public expenditures to fight the prolonged pandemic amid weak revenue collections — a fiscal strain needed to be addressed by the next administration.
While the national government’s full-year 2021 fiscal deficit was over a fifth bigger than the P1.37 trillion recorded during the Philippines’ worst post-war recession in 2020, the actual gap was 10-per cent smaller than the Development Budget Coordination Committee‘s (DBCC) P1.86-trillion programme for last year.
Already a subscriber? Log in
Save 30% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
