Philippine budget deficit widened in October


The Philippine national government’s budget deficit in October widened by 54 percent to P99.1 billion from P64.3 billion in the same month of 2021 as the increase in expenses outpaced that of revenues.

The Bureau of the Treasury (BTr) said this brought the January-October deficit to P1.1 trillion, narrower by 7.6 percent than the P1.2 trillion in the comparative 10 months last year.

October expenses were beefed up by 22.2 percent to P387.9 billion while 10-month disbursements grew by 9.9 percent to P4.06 trillion.

At the same time, revenue collections for the month jumped by 14.1 percent to P288.9 billion in October while 10-month receipts surged by 18.3 percent to P2.9 trillion.

The government expects to spend P1.7 trillion beyond its means this year. The deficit as of the end of October represents two-thirds of the full-year amount.

The BTr said that for the nine months up to the end of September, the Philippines’ budget deficit represented 6.5 percent of the domestic economy, easing from 8.3-percent level a year earlier.

Read Next

Don’t miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

For feedback, complaints, or inquiries, contact us.



Read original article here

Denial of responsibility! Vigour Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment
Enable Notifications OK No thanks