The government budget deficit in the Philippines widened sharply to PHP 59.9 billion in October 2018 from PHP 21.8 billion in the same month of the previous year. Spending jumped 35.2 percent to PHP 306.6 billion from PHP 226.9 billion a year ago, while revenues went up at a softer 20.3 percent to PHP 246.7 billion from PHP 205.1 billion. Considering January to October, the budget gap soared to PHP 438.1 billion from PHP 234.9 billion in the corresponding period of 2017. For 2018, the government has programmed a budget deficit of PHP 523.6 billion, or 3 percent of GDP, up from the PHP 350.6 billion deficit recorded a year earlier. Government Budget Value in Philippines averaged -5474.62 PHP Million from 1959 until 2018, reaching an all time high of 80852 PHP Million in April of 2014 and a record low of -118229 PHP Million in December of 2016.
Government Budget Value in Philippines is expected to be -82000.00 PHP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Government Budget Value in Philippines to stand at 13000.00 in 12 months time. In the long-term, the Philippines Government Budget Value is projected to trend around -87000.00 PHP Million in 2020, according to our econometric models.