MANILA, April 9 -- The country's budget deficit is projected to decline this year as revenue collection will likely exceed target, a unit of Fitch Solutions said on Tuesday.

In a report released on Tuesday, BMI Research said the Philippine budget deficit will likely narrow to 5.5 percent of gross domestic product (GDP) this year from 6.2 percent of GDP in 2023.

"This narrowing would mark the third consecutive year the budget shortfall shrinks, a reflection of the current administration's push for fiscal consolidation," the research and financial market analysis firm said.

BMI said the country's debt-to-GDP is also projected to fall to 59.7 percent this year, from 61.1 percent of GDP in 2023, and further decline to 52 percent by 2028, ...