End-June budget deficit exceeds program

The Marcos administration has exceeded its budget deficit program of P760.7 billion for the first six months of the year as the actual shortfall widened by 24.7 percent to P765.5 billion from P613.9 billion in the same period last year after end-June revenue collections fell short of expectations.

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According to the latest national government cash operations report (COR) released by the Bureau of the Treasury (BTr) on Thursday, July 24, the actual six-month fiscal deficit was 0.6-percent or P4.8-billion above the first-half fiscal deficit target of the government “despite accelerated and higher public spending to support economic growth.”

Collected revenues during the six-month period totaled P2.26 trillion, 5.2-percent higher than last year’s level, but slightly lower than the targeted P2.28 trillion.

Tax revenues accounted for 89.9 percent or P2.03 trillion of total collections in the first half. It increased by 10.7 percent from a year ago.