Budget deficit falls 65 percent to P33.4 billion in Oct

ABS-CBN News

MANILA – The Philippines’ budget deficit fell in October as revenues surged, the Bureau of Treasury said on Wednesday. The national government booked a budget deficit of P34.4 billion in October, down 65.27 percent from P64.7 billion from the same month last year. “This was underscored by a notable 33.56 percent rise in revenue collections outpacing government expenditure growth of 8.32 percent,” Treasury said. From January to October, the total budget shortfall amounted to P1.018 trillion, which was also lower by 8.45 percent or P94 billion compared to the P1.112 trillion posted in the same period last year. Government spending increased in October amid road construction, the modernization program of the Department of National Defense, and foreign-assisted rail transport projects, Treasury said.“Overall, disbursements from January to October reached P4.242 trillion, exhibiting a 4.52 percent or P183.4 billion increase from last year, and equivalent to 81.12 percent of the P5.228 trillion FY (fiscal year) 2023 program.” The government has been trying to ramp up spending to stimulate the economy.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/10/25/23/budget-gap-hits-p251-b-in-sept-but-deficit-still-below-target">PH budget gap widens to P251-B in Sept; Gov’t missing deficit target as spending lags</a></li></ul>Underspending has been blamed by many economists for the <a href="https://news.abs-cbn.com/business/08/10/23/philippine-gdp-grows-43-pct-in-2nd-quarter-of-2023" target="_blank">lackluster</a> GDP growth in the second quarter. Growth picked up in the third quarter as government spending <a href="https://news.abs-cbn.com/business/11/09/23/philippine-economy-grows-59-percent-in-third-quarter" target="_blank">quickened</a>.

The Philippines’ budget deficit fell in October as revenues surged, the Bureau of Treasury said on Wednesday. 

Budget deficit falls 65 percent to P33.4 billion in Oct | ABS-CBN

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Budget deficit falls 65 percent to P33.4 billion in Oct

Budget deficit falls 65 percent to P33.4 billion in Oct

ABS-CBN News

Published Nov 29, 2023 07:05 PM PHT

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