THE government’s budget deficit swelled in October, bringing the 10-month gap to nearly P1 trillion as state revenues remained weak and spending continued to decline even as economic managers pledged to ramp up spending to stimulate the economy.
Latest data from the Bureau of the Treasury (BTr) showed the budget gap rose by 24.56% to P61.4 billion in October. This brought the year-to-date shortfall to a record-high of P940.6 billion, up 170% from the P348-billion deficit seen in the same period last year.
In 2019, the budget deficit reached P660.2 billion. Economic managers estimated that the budget gap will hit P1.815 trillion this year or equivalent to 9.6% of gross domestic product (GDP).
Broken down, overall spending went down for the second straight month last month by 6.84% … Read the rest