Metro Manila (CNN Philippines, October 26) — The national government’s budget deficit widened to ₱250.9 billion in September, the Bureau of the Treasury (BTr) reported on Wednesday.
The Treasury said the figure was higher by 39.60%, or ₱71.2 billion, compared to last year’s ₱179.8 billion.
A budget deficit occurs when government spending increases and revenues fall.
“The fiscal outturn for the period was underpinned by an 8.06% year-over-year acceleration in expenditures coupled with an 11.57% decrease in government receipts,” the BTr said.
This resulted in a nine-month cumulative fiscal deficit of ₱983.5 billion—down by 2.89% or ₱29.3 billion year-on-year, and 11.11% or ₱123 billion lower than the ₱1.106 trillion target.
Data showed revenues in September slowed to ₱255.4 billion from last year’s ₱288.8 billion, while government expenditures reached ₱506.3 billion—which is ₱37.8 billion higher compared to the ₱468.6 billion recorded during the same period in 2022.
The BTr attributed the growth in government spending to the implementation of social protection and health programs of the Department of Social Welfare and Development and the Department of Health, as well as capital outlay projects of the Department of Public Works and Highways.
