The budget deficit for January to November declined by 7.2 percent, from P1.332 trillion to P1.236 trillion, according to Finance Secretary Benjamin Diokno.

"On a year-to-date basis, revenues climbed to P3.3 trillion from P503.1 billion or 18.1 percent above last year's number and representing 99 percent of the P3.3 trillion goal for 2022," Diokno told reporters.

Diokno added that on a YTD basis, tax revenues rose 17.5 percent, from P2.519 trillion to P2.96 trillion.

Meanwhile, non-tax revenues rose by 24.6 percent, from P255 billion to P317.7 billion.

Diokno also said year-to-date, national government spending reached P4.513 trillion, about 91 percent of the P5 trillion full-year program, and was 9.9 percent higher than the previous year's 11-month total of P4.106 trillion.

The budget shortfall, however, skyrocketed in October amid a surge in government spending and an improvement in revenue collections.

Data released by the Bureau of the Treasury showed the deficit expanded 54.08 percent year-on-year to P99.1 billion in October.

In the first 10 months, the budget gap amounted to P1.1 trillion, lower by 7.61 percent compared with a year ago.

The deficit indicated that the government continued to spend beyond its means, as authorities exert efforts to meet the country's needs while revenues from tax and
non-tax collections recover from a pandemic-induced slump in economic activity.