The President submitted to Congress an obligation budget amounting to P2,268.0 billion for 2014 which is P262 billion or 13.1% higher than the P2,005.9 billion budget in 2013. The proposed budget is equivalent to 17.0% of GDP, slightly higher than the 16.8% ratio this year. Total revenue collection in 2014 is expected to grow by 15.6% to reach P2,018.1 billion or 15.1% of GDP which represents an improvement in revenue effort from the 14.7% in 2013. Total disbursements, on the other hand, is targeted at P2,284.3 billion. The resulting budget deficit amounts to P266.2 billion or 2.0% of GDP which is in line with the fiscal consolidation goals of the government.>>read complete document
