INSUBCONTINENT EXCLUSIVE:
By October 2024, the budget deficit hit 1.039 trillion pesos ($51.02 billion), while public investment reached a seven-year high
by 2.1% to 6.187 trillion pesos ($303.77 billion), but spending outpaced this, rising 6.4% to 7.226 trillion pesos ($354.80 billion)
This gap shows the challenges of funding ambitious projects while keeping finances in check.Tax collection, the main income source,
increased by 5.3% to 4.081 trillion pesos ($200.38 billion)
Billion Deficit Amid Record Investment
(Photo Internet reproduction)The Finance Ministry claims that public finances remain healthy, with lower-than-expected deficits and
However, the numbers tell a more complex story
Programmable spending rose 6.6% to 5.237 trillion pesos ($257.12 billion), while non-programmable spending grew 5.9% to 1.989 trillion pesos
($97.68 billion).Debt costs were lower than expected at 913.065 billion pesos ($44.83 billion), thanks to refinancing efforts
But the total public debt still stands at a substantial 16.950 trillion pesos ($832.24 billion).Oil revenues dropped 12.4% to 829.272
billion pesos ($40.72 billion), highlighting the need for diversified income sources
VAT and income tax collections showed modest growth, while the special production tax saw a significant 33% increase to 507.497 billion
pesos ($24.92 billion).This fiscal juggling act has real-world implications
