THE state’s budget deficit in January to September narrowed by nearly 3 percent to P983.5 billion but it missed its programmed deficit as national government spending slowed during the period. Manila’s budget deficit from January to September was 11.11 percent, or about P123 billion, short of its programmed amount of P1.
THE state’s budget deficit in January to September narrowed by nearly 3 percent to P983.5 billion but it missed its programmed deficit as national government spending slowed during the period.
The national government’s revenues during the nine-month period rose by 6.79 percent year-on-year to P2.837 trillion from P2.657 trillion, according to the Treasury. The year-to-date earnings was nearly 3 percent higher than the P2.755 trillion programmed by the national government. The state’s spending in the reference period was below its intended expenditure level of P3.862 trillion, Treasury data showed.
“Thereby fundamentally increasing sales, incomes, employment, and other economic opportunities, all of which increase the government’s tax revenue collections, while also reducing the government’s expenditures on Covid-related programs and other forms of financing assistance since the pandemic started,” Ricafort told the BusinessMirror.
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