The national government’s budget deficit for the first half of the year fell below program as the government missed its spending target for the period.
THE national government’s budget deficit for the first half of the year fell below program as the government missed its spending target for the period.
When revenues exceed expenditures, a budget deficit occurs. A smaller budget deficit could also mean less need for the government to borrow money to finance its spending requirements. Government spending reached P2.4 trillion in the first semester of this year, falling short of the P2.477-trillion target by P75.4 billion or 3.04 percent.
Rizal Commercial Banking Corp. Chief Economist Michael Ricafort told the BusinessMirror government’s underspending wouldn’t necessarily drag the country’s economic growth. This, despite the government’s main tax collection agency—the Bureau of Internal Revenue—slightly falling short of its mid-year target of P1.165 trillion by 2.77 percent after it collected a total of P1.13 trillion.For the month of June alone, the government’s budget deficit widened to P215.5 billion, up by 43.81 percent from P149.9 billion recorded in the previous year as expenditures outpaced revenues.
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