Data from the Bureau of the Treasury showed that the government incurred a higher budget deficit of P613.9 billion from January to June, 11 percent higher than last year's P551.7 billion.
A budget deficit means that the government is spending beyond what it earned from revenue collections and at a slightly faster pace this time around.
Nonetheless, the first half budget shortfall is seven percent below the P661.8-billion expectation set by the Cabinet-level Development Budget Coordination Committee for the period.
The below program deficit for the six-month period was attributed to the increase in revenue collections as well as the almost flat state spending.
Data showed that total revenue collection in the first half improved by 16 percent to P2.15 trillion from P1.86 trillion in the same period last year, as both tax and non-tax revenues increased.
It also surpassed by more than three percent the programmed revenue collection of P2.08 trillion for the six-month period.
This story is from the July 25, 2024 edition of The Philippine Star.
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This story is from the July 25, 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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