December 3, 2022

Market and Financial News

Market and Financial News Aggregator

Budget deficit widens to P99B in October

2 min read

By Luisa Maria Jacinta C. Jocson, Reporter

The National Government’s budget deficit ballooned to P99.1 billion in October, as state spending outpaced revenue collections, the Bureau of the Treasury (BTr) reported on Friday.

In its latest cash operations report, the BTr said the October budget gap rose by 54.08% from the P64.3 billion deficit in the same month a year ago.

“The higher deficit for the period resulted from the year-over-year acceleration in government spending outpacing revenue growth,” it said in a statement.

Month on month, the October deficit sharply narrowed from the P179.8 billion in September.

In October, government expenditures rose by 22.23% to P387.9 billion from P317.4 billion a year ago.

The BTr said faster government spending was driven by higher tax allotments of local government units (LGUs) and subsidy releases for programs implemented by government corporations. National tax allotments to LGUs stood at P86.5 billion, while subsidies amounted to P40 billion.

“Disbursements for the social protection programs of the Department of Social Welfare and Development (DSWD) and road infrastructure projects of the Department of Public Works and Highways (DPWH) also contributed to the higher October spending,” the BTr added.

Primary expenditures, which refers to total expenditures minus interest payments, jumped 24.11% to P354.7 billion, accounting for 91% of the total monthly spending.

Interest payments rose by 5.23% to P33.2 billion in October.

Meanwhile, total revenue collection increased by 14.14% to P288.9 billion in October from P253.1 billion in the same period last year.

Tax revenues rose 19.53% to P261.9 billion in October from P219.1 billion a year ago.

The bulk of tax revenues came from the Bureau of Internal Revenue (BIR) with P186.8 billion, up 15.20% year on year.

The Bureau of Customs (BOC) collections also jumped 35.16% to P75.1 billion in October, while tax collections from other offices plunged 94.31% to P99…

RGEntRibirthFURD

2022-11-25 01:37:17

All news and articles are copyrighted to the respective authors and/or News Broadcasters. VIXC.Com is an independent Online News Aggregator


Read more from original source here…

Leave a Reply

Copyright © All rights reserved. | Newsphere by AF themes.