September budget deficit widened 40% to P251b on lower tax collection

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The government’s budget deficit widened by 40 percent in September 2023 to P250.9 billion from P179.8 billion a year ago on a double-digit decline in revenue collections, the Bureau of the Treasury said Wednesday.

“The year-to-date deficit figure is only 66 percent of the P1.5 trillion full-year program due to higher revenue and lower expenditure performance than programmed for the period,” the Treasury said. The agency also exceeded the nine-month program by 2.52 percent or P16.2 billion while achieving 76 percent of the 2023 target.

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