The budget deficit of the national government in 2023 is now expected to be even higher than previously forecast due to a slower growth of the domestic economy and higher spending, according to Fitch Solutions. | RonWDomingoINQ /PDI
The Marcos administration has been wooing foreign investors as well as lenders regarding a pipeline of 194 infrastructure flagship projects that cost a total of $165 billion.Fitch Solutions said, meanwhile, that a combination of slowing economic growth and lower income tax will weigh on revenue growth, which they said will slow to 4 percent this year from 18 percent in 2022.
In particular, lower-middle income earners—those who earn more than P250,000 up to P8 million yearly—will have lower personal income tax rates of 15 percent to 30 percent. Government expenditures are forecast to average at 19.8 percent of GDP through 2023-2027, higher than the 2015-2019 average of 17.6 percent of GDP.
And yet, despite its forecast on the budget deficit, Fitch Solutions said this remains on a narrowing trend that augurs well in terms of fiscal sustainability.
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