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Budget gap widens to P273 billion in 3 months

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The country’s budget shortfall slightly increased in the first quarter as the government continued to spend more than what it generated from revenues.

Data from the Bureau of the Treasury showed that the budget deficit inched up by 0.65 percent to P272.6 billion from January to March compared to last year’s P270.9 billion.MANILA, Philippines —

Data showed that total revenue collection in March increased by 11 percent to P287.9 billion from P258.7 billion in the same period last year, largely driven by the expansion in non-tax revenues. Further, income generated by the Treasury more than tripled to P49.1 billion, driven by higher dividend remittances, interest on advances from state-run corporations and government share from the income of the Philippine Amusement and Gaming Corp.

A total of P5 billion was released in March 2023, while the 2024 subsidy is expected only within the second quarter. For the first quarter, disbursements expanded by 11 percent to P1.21 trillion from P1.09 trillion as interest payments and primary spending both went up.What has changed in the snack habits of Filipinos? Discover in the State of Snacking reportBelo Medical Group leads in pioneering beauty booster Profhilo in Philippines; receives top award

Budget Gap

 

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