Philippines' August budget deficit widens as revenues slip

THE PHILIPPINES’ budget deficit widened in August as revenues fell faster than spending, adding pressure on the government to borrow more and keep within its deficit ceiling.

- 

The gap ballooned 56% to P84.8 billion ($1.5 billion) from a year earlier, according to data released by the Bureau of the Treasury on Wednesday. Compared with July, the shortfall surged more than fourfold from P18.9 billion.

Collections fell 8.8% to P352.5 billion, dragged by a steep decline in nontax revenues, which slid nearly 68% to P21.3 billion. Treasury income dropped 53%, while remittances from other offices tumbled 73%.

Tax revenues, however, inched up 3.4% to P331.2 billion. Bureau of Internal Revenue collections rose 5% to P250.1 billion, offsetting weaker Bureau of Customs receipts, which slipped 1.4% to P77.4 billion.