ICYMI: The incoming administration of Ferdinand Marcos Jr. will have to spend a record P5.268 trillion in 2023, its first full-year national budget.
Canda said the higher budget for 2023 came on the back of an also larger estimate for next year’s tax and non-tax collections, to P3.633 trillion or 15.3 percent of GDP, from the earlier P3.624-trillion target. Government revenues primarily finance the budget, together with borrowings.
The DBCC projected GDP expansion next year at 6-7 percent, a lower range than this year’s revised and narrower 7-8 percent economic growth goal.
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