Based on the National Government (NG) deficit program considered in the FY 2021 BESF, the deficit-to-GDP ratio is expected to hit 9.6 percent in 2020 before tapering off to 8.5 percent in 2021 and 7.2 percent in 2022. However, for 2020, the NG realized a deficit of 7.6 percent, 2.0 percentage points lower than the program given better than expected revenue collections. For 2020, revenues collected amounted to PhP2.856 trillion, PhP336.20 billion higher than the program. For FY 2021, the deficit is expected to register at 9.3 percent of GDP, 0.8 percentage points higher than the 8.5 percent program. The adjustment already considers the expected increase in spending due to the extended validity of the FY 2020 GAA and the Bayanihan II law. The increase in the deficit level for FY 2021 is on the back of supporting three stimulus programs that aim to hasten economic recovery. These are: a) Build Build Build Program, b) increased investments for the improvement of health care and other social amelioration programs, and c) the reduction of corporate income tax rates under the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE). In 2022, the deficit is expected to taper off to 7.5 percent as the National Government moves towards fiscal consolidation. Given its robust macroeconomic fundamentals and strong track record on prudent fiscal policy making, the Philippines is in a better position to weather the economic and fiscal impacts of the crisis relative to its peers. The upticks in the deficits in spite of the pandemic are seen as cyclical adjustments relative to the business cycle rather than structural. The fiscal position of the country is expected to return to pre-pandemic levels once the health crisis has been contained. As can be seen on the 1st table below, the country's deficit is in the mid-range of the peer country deficits. General Government Overall Fiscal Balance As percent of GDP =