• The Philippines’ budget deficit narrowed to 1.61 trillion pesos in 2022 from a record 1.67 trillion pesos the previous year as revenue growth outpaced the jump in spending, according to the Bureau of the Treasury.
• 2022 revenue rose 18% to 3.55t pesos; exceeded the 3.3t pesos target
  ** Bureau of Internal Revenue collection rose 12.4% to 2.34t pesos
  ** Bureau of Customs collection rose 34% to 862.4b pesos
• 2022 expenditure rose 10.4% to 5.2t pesos; exceeded the 4.95t pesos target