PH budget deficit shrank by 45% in July
MANILA -The Philippine national government’s budget deficit settled at P47.8 billion in July, shrinking by 45 percent from P86.8 billion in the same month last year as a surge in income outpaced spending growth, according to Bureau of the Treasury.
Revenues for the month jumped by 33.4 percent to P411.7 billion from P308.6 billion a year ago.
Meanwhile, expenditures grew by 16.2 percent to P459.6 billion from P395.4 billion.
Also, the government’s spending beyond its revenues reached P599.5 billion for the January-July period, which was 21 percent less than the P761 billion posted in the same months of last year.
In the first seven months of this year, the national government earned P2.27 trillion, rising 11.6 percent from P2.04 trillion previously.
On the other hand, seven-month expenses grew by only 2.7 percent to P2.87 trillion from P2.78 trillion.