• The Philippines’ budget deficit was PHP93.3b in November, according to the Bureau of the Treasury.
• Jan.-Nov. budget deficit at 1.11t pesos ($20.01b) vs deficit 1.24t pesos year ago
  ** Revenue +8.75% y/y at 3.56t pesos vs 3.28t pesos year ago
  ** Spending +3.59% y/y at 4.68t pesos vs 4.51t pesos year ago
• Nov. budget deficit at 93.3b pesos ($1.68b) vs deficit 123.9b pesos year ago
  ** Revenue +2.82% y/y at 340.4b pesos, -12% m/m; 331.1b pesos year ago
  ** Bureau of Internal Revenue collection 210.2b vs 237.1b a year ago
  ** Bureau of Customs collection 73.7b vs 75.7b a year ago
  ** Spending -4.69% y/y at 433.6b pesos, +3% m/m; 455b pesos year ago