Budget gap widens to P133 billion in August

In a briefing, Finance Secretary Benjamin Diokno said the administration incurred a wider budget shortfall of P133 billion in August, jumping by 85 percent from P72 billion in the same month last year.

The bulk or 94 percent of the revenues came from tax collections at P291.7 billion, down by 5.82 percent. Non-tax collections, on the other hand, slipped by 17 percent to P18.8 billion in August. “But I’m not concerned about the collection of Customs, they are still way ahead year-to-date,” he said. Nonetheless, for the eight-month period, the budget deficit eased by 12 percent to P732.5 billion from P833 billion as revenues picked up while spending only inched up by a few percent in January to August.

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