MANILA – The national government's budget deficit went down by 59.24 percent to PHP54.2 billion in August this year from PHP133 billion in the same month a year ago.
Data released by the Bureau of the Treasury (BTr) showed that the lower deficit during the month was due to the 24.40 percent growth in government revenues alongside a 0.68 percent contraction in government expenditures.
The government incurs a budget deficit when spending exceeds its revenues.
For January to August this year, the budget deficit, likewise, declined by 4.86 percent to PHP697 billion from PHP732.5 billion in the same period last year.
Revenue collections
The BTr said total revenue collections went up 24.40 percent to PHP386.3 billion in August, driven by strong non-tax collections.
Year-to-date, tax collections also went up by 15.91 percent to PHP3.0 trillion.
The amount also accounted for about 70.10 percent of the PHP4.3 trillion full-year program for 2024.
Of the total revenue collections, tax collections accounted for about 85.47 percent or PHP2.6 trillion.
The amount was up by 10.83 percent from a year ago.
"Meanwhile, the remaining 14.53% or PHP434.9 billion were from non-tax sources, underlying a significant year-on-year growth of 58.66% (PHP160.8 billion)," said the BTr.
Expenditures
The national government's expenditures, meanwhile, reached PHP440.5 billion, slightly down by 0.68 percent from PHP443.6 billion last year.
"This can be partly attributed to the lower total subsidy releases to government corporations, and the sizeable outstanding checks recorded in various departments, such as the Department of Public Works and Highways (DPWH), the Department of Social Welfare and Development (DSWD), and the Department of Health (DOH), during the period," said the BTr.
For January to August this year, the national government's expenditures amounted to PHP3.6 trillion, higher by 11.32 percent from last year's PHP3.3 trillion. (PNA)
