The country’s budget gap narrowed to P984 billion from January to September as revenue collections exceeded targets and as the government fell short in meeting its expenditure goal, with state agencies needing to further ramp up spending.
Data from the Bureau of the Treasury showed that the government incurred a lower budget deficit of P983.5 billion from January to September, three percent below the P1.01 trillion recorded in the same period last year.
Data showed that total revenue collection as of the end of the third quarter improved by 6.79 percent to P2.84 trillion as against the P2.66 trillion in the same period last year, as both tax and non-tax revenues increased. Collections from other offices including privatization proceeds and fees and charges slightly went down to P138.5 billion.
In August, the Department of Budget and Management ordered state agencies to create their spending catch-up plans amid the continued low budget utilization that impacted economic growth in the first half. Both primary expenditures and interest payments, however, were short of their program for the nine-month period.
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