Philippines’ fiscal outlook: Slow grind to consolidation – ANZ

Philippines’ fiscal outlook: Slow grind to consolidation – ANZ

Analysts at Australia and Current Zealand (ANZ) Banking Neighborhood contemporary that “Philippines’ revenue and expenditure each outperformed in the indispensable 5 months of 2022.”

Extra takeaways

“We preserve our budget deficit forecast at 7.7% of GDP. A fiscal slippage of 0.1-0.2% of GDP might well also honest materialise if the revenue positive aspects enact no longer offset the supplementary spending requirements.”

“The ratio of revenue to GDP continues to deviate widely from its pre-pandemic trajectory. We underscore the importance of tax reforms if the federal government eyes to shut that gap sooner.”

“The contemporary administration’s FY2023 budget will probably be capped at 22.2% of GDP, pretty per the 22.1% spending ceiling adopted by the Duterte administration. The route to fiscal consolidation is gradual, with the federal government attempting to strike a balance.”

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