Increased government spending due to the Covid-19 pandemic and lower revenue collections due to the recession have caused the government's budget gap to widen to P700 billion as of July 2020. Read
AS REVENUES dropped due to the slowdown in economic activity and expenditures surged to address the coronavirus disease 2019 pandemic, the government’s budget deficit ballooned to P700.6 billion in the first seven months of the year, the Bureau of Treasury announced Wednesday, August 26, 2020.In July alone, the BTr said the deficit was P140.2 billion, higher by 86.21 percent than the deficit in July 2019.
Revenues from the Bureau of Customs also decreased to P49.8 billion in July, 8.84 percent lower than the P54.6 billion collected in July 2019, due to disruptions in trade following the lockdowns imposed against the spread of Covid-19. BIR’s seven-month collection declined by 10.53 percent, or P131.3 billion, compared to its collection in the same period in 2019.
The bureau also reported P14.6-billion collections from other offices, including privatization proceeds and fees and charges, a 12.43 percent increase from the collection in July last year.
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