THE FISCAL GAP likely stood at an equivalent of 2.6-2.8% of gross domestic product (GDP) for full-year 2017, signaling better state performance on the revenue collection and budget spending fronts, the Finance department’s chief economist said.

“Between 2.6% and 2.8% of GDP,” Finance Undersecretary Gil S. Beltran told reporters on Thursday when asked for the indicative deficit level.

If realized, it would be higher than 2016’s 2.4% deficit-to-GDP ratio, or P353.4 billion.

The government had programmed a P482.1-billion deficit for 2017, equivalent to 3.0% of GDP — a deficit ratio ceiling set until 2022.

The 11 months to November last year saw the budget gap at P243.5 billion, up 4.0% from P235.2 billion in 2016’s corresponding period.

Final data on the national government’s fiscal performance is scheduled to be released on March 2, according to the Bureau of the Treasury.

The government grew revenue collections by 11% to P2.25 trillion as of November from P2.031 trillion in 2016’s comparable 11 months. Last year’s 11-month haul was equivalent to 92.71% of the P2.427 trillion revenue program for 2017.

The same comparative 11 months saw state spending increase by 10% to P2.494 trillion from P2.266 trillion. Disbursements in last year’s first 11 months was equivalent to 85.73% of the P2.909-trillion program for 2017.

The government has programmed a P523.7-billion fiscal deficit for this year, 8.63% more than 2017’s deficit ceiling. — Elijah Joseph C. Tubayan

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