PH fiscal deficit balloons to P940.6-B from Jan-Oct on weak revenues

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2019/business/05/08/20190508-bureau-of-treasury.jpg"/><figcaption>Bureau of Treasury. <em>ABS-CBN News</em></figcaption></figure></div><p>MANILA - The national government&#x27;s budget gap from January to October ballooned to P940.6 billion, nearing the P1-trillion mark, as revenue collections remained weak, the Bureau of Treasury reported Wednesday.</p><p>This was a 170 percent jump or almost threefold increase compared to the P348.3 billion deficit booked in the same period last year.</p><p>The October deficit reached P61.4 billion, 24.56 percent higher from last year&#x27;s shortfall of P49.3 billion as revenues dipped and spending slowed.</p><p>Total revenue for the month was 12.75 percent lower at P228.2 billion, as main tax agencies posted declines in collections.</p><p>The Bureau of Internal Revenue posted a 14.62 percent drop in collection for the month at P152.1 billon bringing its January to October performance to P1.6 trillion or lower by 10.38 percent.</p><p>The Bureau of Customs also saw a 12.25 percent decline in net revenue of P50.6 billion for the month.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/10/23/20/september-budget-deficit-narrows-on-weak-revenues-spending">September budget deficit narrows on weak revenues, spending</a></li></ul><p>National government spending meantime was 6.84 percent lower in October at P289.6 billion &quot;largely attributed to the base effect of the one-off pension differential releases for the military and uniformed personnel in October last year, as well as the expected lower capital outlays during the year because of the pandemic,&quot; it said.</p><p>In September, the budget deficit was at P138.5 billion or 22.42 percent lower compared with the P178.6 billion posted over the same period last year.</p><p>January to September budget gap however widened to P879.2 billion, &quot;almost three times&quot; higher than the shortfall from a year ago but 32.3 percent below the revised program of P1.298 trillion for the period, it said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/10/20/philippine-economy-shrinks-115-pct-in-q3-second-worst-quarterly-contraction-on-record">Philippine economy shrinks 11.5 pct in third quarter, but &#x27;worst is over&#x27; says NEDA</a></li></ul><p>The Philippine economy shrank by more than expected in the third quarter from a year ago as the COVID-19 pandemic continued to batter the Southeast Asian country but a loosening of coronavirus curbs helped ease the pain.</p><p>Government spending rose 5.8 percent in the third quarter from a year ago, compared with a 21.8 percent surge in the second quarter.</p><div><strong>--with a report from Reuters</strong></div><figure class="op-interactive"><iframe src="https://www.youtube.com/embed/8r3ueDHPocg?enablejsapi=1"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>The national government's budget deficit widened in October from its year-ago figure as revenues shrunk and spending slowed for the month.</p>

The national government's budget deficit widened in October from its year-ago figure as revenues shrunk and spending slowed for the month.

PH fiscal deficit balloons to P940.6-B from Jan-Oct on weak revenues | ABS-CBN

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PH fiscal deficit balloons to P940.6-B from Jan-Oct on weak revenues

PH fiscal deficit balloons to P940.6-B from Jan-Oct on weak revenues

ABS-CBN News

Published Nov 25, 2020 01:43 PM PHT

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