The year-to-date budget deficit of the country has been recorded at Php 700.6 billion due to high spending and low revenue collection brought about by the COVID-19 pandemic.
The Bureau of Treasury disclosed that the budget deficit for the month of July alone has reached Php 140.2 billion, 86.21 percent higher than last year’s July record.
Government revenue also declined to Php 234.5 billion in July due to economic delays while disbursements for the same month climbed to Php 374.7 billion or 10.40 percent up from a year ago.
Economic managers are hoping for an increase in tax collections for the remaining parts of the year as quarantine measures are gradually eased for the country’s coffers to recover .
– Report from Naomi Tiburcio
