10-month budget deficit swelled by 28% to P1.2t

10 month budget deficit swelled by 28 to p1 2t

Sumary of 10-month budget deficit swelled by 28% to P1.2t:

  • The government’s budget deficit rose 4.77 percent in October to P64.3 billion from P61.4 billion a year ago after a 10.9-percent revenue growth and a 9.60-percent increase in government spending, the Bureau of the Treasury said Thursday.
  • It represented 65 percent of the P1.9 trillion 2021 revised program.
  • Total revenue grew 10.9 percent or P24.9 billion in October to P253.1 billion from P228.2 billion a year earlier, with tax collection making up 87 percent or P219.1 billion of the total while non-tax revenue contributed 13 percent or P34.0 billion.
  • Cumulative collection as of end-October reached P2.5 trillion, equivalent to 86 percent of the P2.9-trillion revised program for the year and 5 percent or P118.6-billion improvement from a year ago.
  • The Bureau of Internal Revenue’s net collection increased to P162.1 billion in October, 6.60 percent or P10 billion higher than last year’s achievement of P152.1 billion.
  • The ten-month tax collection of P1.7 trillion reflected a 6.83 percent or P109.0 billion increase over similar collections in 2020 and comprised 82 percent of its revised full-year target of P2.1 trillion.
  • The Bureau of Customs grew its collection by 9.76 percent or P4.9 billion from P50.6 billion a year ago to P55.5 billion in October.
  • Collection by the Bureau of the Treasury amounted to P9.0 billion in October, up by 30.01 percent or P2.1 billion year-on-year on higher dividend remittances and share of the national government from PAGCOR’s profit and investment income.

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