Economic managers on Friday trimmed the government’s revenue program for next year on account of lower-than-expected proceeds from the newly-signed Tax Reform for Acceleration and Inclusion (Train) Act. The DBCC-approved revenue program for 2018 was pegged at P2.789 trillion or 16 percent of gross domestic product (GDP), lower than the previous P2.841 trillion. The DBCC-approved disbursement target, meanwhile, was set at P3.313 trillion for 2018, rising to P5.149 trillion in 2022. For 2019 to 2022, the borrowing program is projected to follow an 80-20 mix, still in favor of domestic sources. “The medium-term fiscal program is geared to support the development objectives of the Duterte Administration,” Budget Secretary Benjamin Diokno said.

Source: Manila Times December 22, 2017 18:11 UTC