Soaring interest payments, especially for debts that piled up to fight the Covid-19 pandemic, may slow down fiscal consolidation or budget-deficit reduction in the Philippines, according to the think tank Oxford Economics. "Because government deficits have ballooned quickly in the last few years, a...
The Marcos administration’s budget deficit narrowed significantly in August due to robust revenue growth and a slight contraction in public spending, the Bureau of the Treasury reported. In a statement, the Treasury said the national government incurred a fiscal deficit of P54.2 billion in August...
The Marcos administration has again turned to foreign creditors to seek financial support for the national government's budgetary needs. In a notice on Tuesday, May 7, the government announced its issuance of a dual-tranche benchmark-sized US dollar bond, marking the first offshore debt offering by...
The Marcos administration's budget surplus nearly doubled in the first month of the year due to strong revenues generated by the government's two main tax agencies. The Bureau of the Treasury reported that the national government posted a fiscal surplus of P88 billion last January, a significant...
The Marcos administration's efforts toward fiscal consolidation may proceed at a slower pace, as economic managers are considering revising down their growth forecasts for the medium term, the Department of Budget and Management (DBM) said. Budget Secretary Amenah F. Pangandaman said the...
Senator Pia Cayetano has called on the Inter-Agency Task Force (IATF) to provide Congress updates on the status of the government’s loans and answer queries regarding the terms of purchase of COVID-19 vaccines which until now seems to be problematic. Cayetano, who chairs the Senate ways and means...
