Connect with us

Hi, what are you looking for?


Government revenue-to-GDP ratio performance seen ranking middle of the pack within ASEAN


THE Department of Finance (DoF) said National Government (NG) revenue performance, as a proportion of gross domestic product (GDP), would place the Philippines at around the median of the Association of Southeast Asian Nations (ASEAN).

In a statement on Monday, the director of the DoF’s Domestic Finance Group, Rowena S. Sta. Clara, was quoted as saying in a report to a recent meeting of the DoF executive committee that the average revenue effort of the Duterte administration between 2016 and 2021 was 15.6% of GDP, the highest in over 20 years.

The DoF said the improved revenue levels were posted despite restrictions imposed during the various stages of the pandemic.

The report used data from the International Monetary Fund, which forecast the revenue effort of other ASEAN members. Philippine data were taken from the Cash Operations Report of the Bureau of the Treasury, Ms. Sta. Clara said.

Brunei tops the list with a revenue effort of 19.1%, followed by Singapore’s 18.7% and Thailand’s 17%. Malaysia and Indonesia’s revenue efforts are projected at 14.3% and 11.8%, respectively.

All data, except for the Philippines and Indonesia, are forecasts.

On the expenditure side, the Philippines was second in ASEAN with P4.7 trillion or 24.1% of GDP, Ms. Sta. Clara said.

She also noted that the 10.6% growth in NG expenditure in 2020 and 2021 was a result of infrastructure and other capital spending, spending for pandemic recovery measures, equity infusions in support of the government’s lending programs, and spending on personal services, which has increased to 30% of NG expenditures in the past decade.

Brunei had an expenditure-to-GDP ratio of 28.4%, while Singapore was third at 21.1%.

All six ASEAN countries posted budget deficits in 2021. The Philippine deficit was second-largest at 8.6% of GDP, topped only by Brunei at 9.3%. Malaysia came in third at 6.4%.

During the Development and Budget Coordination Committee’s 181st meeting on May 24, the target deficit-to-GDP ratio for this year was set at 7.6%, easing to 6.1% in 2023.

NG debt rose to a record P12.76 trillion in April, due to COVID-19-related borrowing and to support the economic recovery.

The DoF has said that debt would have been much higher at P15.4 trillion in 2022, had it not blocked revenue-eroding measures and scaled back COVID-19 stimulus bills. These would have led to additional spending amounting to P2.2 trillion, had these measures been passed by Congress. — Tobias Jared Tomas

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



The Filipino spirit of giving remains in full force as people prepare for Typhoon Karding which is moving towards the Philippine Area of Responsibility....

Editor’s Pick

Immigration rules are set to be loosened as part of Liz Truss’s mission to boost growth. The Prime Minister is expected to expand the...


REUTERS KYIV — The United States warned on Sunday of “catastrophic consequences” if Moscow uses nuclear weapons in Ukraine, after Russia’s foreign minister said...


South Korean President Yoon Suk-yeol. — REUTERS SEOUL — South Korean President Yoon Suk-yeol said on Monday “untrue” media reports over his remarks threatened...


STOCK PHOTO Image by Stefan Schweihofer from Pixabay TOKYO — The British pound tumbled nearly 5% to an all-time low on Monday as investors...


Follow us on Spotify BusinessWorld B-Side Nuclear energy has a bad reputation in the Philippines. That the Bataan Nuclear Power Plant is unfit and unsafe...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.