Budget gap narrows to P54 B in August

The government recorded a narrower budget deficit of P54 billion in August as nontax collections drove revenue growth coupled with a slight decline in state spending.

- LOUISE MAUREEN SIMEON

Data from the Bureau of the Treasury showed that the Marcos administration recorded a budget shortfall of P54.2 billion in August.

Last month's fiscal turnout is 59 percent lower than the P133 billion deficit in the same period last year.

Still, a budget deficit means that the government is spending beyond what it earned from revenue collections although at a slower pace this time around.

For the eight-month period, the budget deficit also went down by almost five percent to P697 billion from P732.5 billion as revenues outpaced spending growth from January to August.

Data showed that total revenue collection in August jumped by more than 24 per cent to P386.3 billion as against the P310.6 billion in the same period last year, as both tax and non-tax revenues increased.