Philippines to borrow more to cover P91B COVID-19 revenue shortfall

Updated THU · MAR 12, 2020 · 5:24 AM

Finance Secretary Carlos Dominguez III announced that the government will borrow more than planned to cover a projected P91 billion revenue shortfall due to the economic impact of COVID-19.

The budget deficit is expected to reach 3.6% of GDP, surpassing the target ceiling of 3.2%. The government aims to collect P3.5 trillion in tax and non-tax revenues this year.

Socioeconomic Planning Secretary Ernesto Pernia noted that economic growth may fall by up to one percentage point due to the virus's impact.

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