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.
