The national government incurred a P120.9 billion budget deficit in August after public spending grew by high double-digits while revenues rose at a much slower pace, the Bureau of the Treasury reported on Thursday, Sept. 23.

Bureau of the Treasury office


According to the Treasury bureau, the fiscal gap last month increased by 202 percent from only P40.1 billion in the same month last year.

Expenditures during the month jumped 34 percent to P380.2 billion from P283.3 billion in August 2020.

Government revenues, on the other hand, reached P259.3 billion, up by only 6.6 percent compared with P243.2 billion in the previous year.

At end-August, the national government’s budget deficit stood at P958.2 billion, an increase of 29 percent from P740.7 billion in the same period last year.

The eight-month fiscal gap accounted for 52 percent of the government’s P1.856 trillion full-year program.

Source: Manila Bulletin (https://mb.com.ph/2021/09/23/budget-deficit-hits-p121-billion-in-aug/?utm_source=rss&utm_medium=rss&utm_campaign=budget-deficit-hits-p121-billion-in-aug)