Budget deficit widens to P86.4 billion in July
MANILA, Philippines — The government’s budget deficit widened to P86.4 billion in July as state spending outpaced revenue generation.
The budget gap in July was 71 percent higher than last year, data released by the Bureau of the Treasury show. From January to July, cumulative budget deficit hit P279.4 billion, P74.4 billion more than the previous year.
Broken down, the government posted its highest nominal spending for the year in July at P328.1 billion, 34 percent or P83 billion above the comparable figures last year. Year-to-date, disbursements were 23 percent higher than in 2017.
Meanwhile, total revenues in July reached P241.7 billion, up 24 percent or P47.1 billion from the same month last year. This brings year-to-date collections to P1.7 trillion, 21 percent more than the same period in 2017.
At present, the Philippine government’s fiscal deficit program was set at three percent of gross domestic product this year, 3.2 percent for next year, and three percent from 2020 to 2022. — Ian Nicolas Cigaral
- Latest
- Trending
