The national government reported lower spending in September, data from the Bureau of Treasury showed.
However, for the period ending September, a growth of 15.07% to ₱3.022 trillion was recorded, but was still lower by 7.53% than the revised program of ₱3.26 trillion due to measures that are still to be implemented under Bayanihan 2. RCBC economist Michael Ricafort said this decline in spending could slow the country's recovery, thus the need to speed up disbursements and implementation of Bayanihan 2 to achieve its goals despite roughly two months remaining in 2020.
This occurred despite a 10.19% decline in revenue collections, which was at ₱212.4 billion. Of this amount, 91% came from taxes, while 12% came from non-tax sources.
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