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Manila Bulletin devider Business devider Gov't budget deficit nearly doubles in July to P140.2 B

Gov't budget deficit nearly doubles in July to P140.2 B

Published Aug 27, 2020 05:00 am

The national government’s budget deficit almost doubled last month due to the emergency spending related to the Duterte administration’s coronavirus response, data from the Bureau of the Treasury showed.

The government’s budget deficit hit P140.2 billion in July this year, up 86 percent compared with P75.3 billion in the same month last year, the treasury reported.

“The higher deficit for the month reflects the 10.40 percent growth in government expenditures, boosted by the implementation of various COVID-19 rehabilitation and recovery measures,” the treasury said in a statement.

Government expenditures during the month increased to P374.7 billion from P339.4 billion a year ago.

Aside from higher spending, the treasury said that weak revenue collections also fuelled the increase in government’s fiscal deficit.

Total revenues in July declined by 11 percent to P2343.5 billion from P264.1 billion in the same month in 2019. Of that amount, tax revenues dropped 10 percent to P212.3 billion while non-tax income decreased by 18 percent to P22.2 billion.

Collections of the Bureau of Internal Revenue reached only P159 billion, lower by 12 percent compared with P180.3 billion last year, while the Bureau of Customs raised P49.8 billion, also down by 8.8 percent year-on-year from P54.6 billion.

Income of the treasury, likewise, declined last month by 47 percent to P7.6 billion from P14.4 billion a year ago.

According to the treasury, its lower income was due to “early remittance of dividends this year as well as lower NG share from PAGCOR and interest earned from government deposits.”

In January to July, the national government’s budget deficit now stood at P700.6 billion, higher by 494 percent compared with only P117.9 billion in the same period last year.

At end-July, revenues collections amounted to P1.688 trillion, lower by 7 percent from P1.811 trillion, while public spending increased by 24 percent to P2.388 trillion from P1.929 trillion.

For 2020, the Duterte administration expects its budget deficit will bloat to P1.815 trillion, equivalent to 9.6 percent of the country’s gross domestic product (GDP).

Finance Secretary Carlos G. Dominguez III explained that government’s massive spending to fight the pandemic along with depressed revenue collection are causing the budget deficit to significantly increase this year.

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