The budget shortfall swelled in April as the government poured more funds into COVID-19 response and saw tax collections drop after many businesses went on lockdown, latest data shows
The country's budget shortfall swelled in April as the government poured more funds into COVID-19 response and saw tax collections drop after many businesses went on lockdown, latest Treasury data showed.
The second tranche of cash aid to 17 million families – made up of 12 million households that still remained under lockdown in May and 5 million new beneficiaries – is expected to be released this month, alongside other doleouts to help displaced workers sustain their basic needs for now. "The slower outturn was attributed to the Luzon-wide enhanced community quarantine, which was also implemented in other provinces, and the extension of deadlines for the filing and payment of income and other taxes due for the month amid the pandemic crisis," the bureau said in a statement Wednesday.
The shortfall in revenues against actual spending led to a ₱273.9-billion budget deficit, reversing the April 2019 seasonal surplus.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Poe to DOTr: Allocate budget for walking, cycling infra under ‘new normal’Senator Grace Poe on Wednesday asked the Department of Transportation (DOTr) to include in its budget some funding for walking and cycling infrastructures under the
Read more »
Sen. Sotto to DOH: Justify the need for an P11.7-B budget for contact tracingThe Department of Health (DOH) should justify the P11.7-billion budget it eyes for the hiring of COVID-19 contact tracers, Senate President Vicente Sotto III said on Tuesday, May 26.
Read more »
4 structural reforms key in post-COVID economyThe Philippines needs to undertake several key “structural reform initiatives” to prepare the economy for the post-pandemic environment that will look very different from what it was less than
Read more »
Hoteliers asked: Offer low rates for OFWs, guests amid community quarantineCEBU CITY, Philippines — Albeit the losses incurred by the tourism industry due to the coronavirus pandemic, the Department of Tourism (DOT) has called on accommodation establishments not to
Read more »
'It's kind of glum': U.S. farmers worry as crop prices dipAmerican farmers are seen to lose billions of dollars in revenues amid the coronavirus pandemic.
Read more »