The Philippine government posted a 1.51 trillion pesos ($26.90 billion) budget deficit last year, with the shortfall hitting 401 billion pesos in December, the Bureau of the Treasury said on Thursday.

The 2023 deficit was down 6.32% from the previous shortfall of 1.61 trillion pesos in 2022 and slightly above the 1.49 trillion pesos programme for the year, it said. ($1 = 56.2000 Philippine pesos) (Reporting by Mikhail Flores and Neil Jerome Morales)