Philippines ends 2021 with P1.67T budget deficit

Philippines ended 2021 with a record-high P1.67-trillion budget deficit, up by 21.87% from 2020 but below the programmed ceiling.

The actual deficit was equivalent to 8.61% of GDP, lower than the planned 9.3% but higher than 7.65% in 2020.

Government spending rose by 10.6%, while revenues were insufficient due to pandemic-related economic challenges.