Data from the Bureau of the Treasury showed that the Marcos administration recorded a budget shortfall of P54.2 billion in August.
Last month's fiscal turnout is 59 percent lower than the P133 billion deficit in the same period last year.
Still, a budget deficit means that the government is spending beyond what it earned from revenue collections although at a slower pace this time around.
For the eight-month period, the budget deficit also went down by almost five percent to P697 billion from P732.5 billion as revenues outpaced spending growth from January to August.
Data showed that total revenue collection in August jumped by more than 24 per cent to P386.3 billion as against the P310.6 billion in the same period last year, as both tax and non-tax revenues increased.
This story is from the September 26, 2024 edition of The Philippine Star.
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This story is from the September 26, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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