Malacañang on Monday, March 3, welcomed the drop in the country’s budget deficit last year, crediting President Ferdinand Marcos Jr.’s leadership and the efforts of his economic team.
“Magandang balita ang ibinahagi ng Department of Budget and Management. Dahil sa epektibong pamumuno ni Pangulong Marcos Jr., bumaba sa 5.7 percent o 1.5 trillion pesos ang budget deficit ng bansa nitong 2024,” Presidential Communications Office Undersecretary Claire Castro said in a press briefing.
She added that this is the lowest deficit since 2020, highlighting the strong performance of the administration’s economic team. Government revenues reached P4.4 trillion or 16.72 percent of GDP last year.
A budget deficit occurs when government spending exceeds revenue, serving as a key financial indicator.
On February 28, Budget Secretary Amenah Pangandaman reported that the 2024 deficit was lower than expected. The latest Cash Operations Report of the Bureau of the Treasury also confirmed a significant improvement from the 6.2% deficit in 2023, marking the lowest level since the Covid-19 pandemic.IMT
