The Philippines is still on track to meet its 2024 fiscal program, thanks to the government's robust revenue efforts and manageable deficit level in the first half of the year, Finance Secretary Ralph Rector assured senators on Tuesday.
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During the Development Budget Coordination Committee (DBCC) briefing to the Senate Finance Committee, Recto reported that total revenues increased by 15.6 percent, driven by higher tax and non-tax revenues.
“So far, we are on track to meet our fiscal program for the year, as we have already achieved half of our targets,” Recto said.
He further reported that expenditures increased by 14.6 percent, resulting in a budget deficit of PHP 613.9 billion.
