Sumary of Budget gap breaches P1T:
- THE government’s budget deficit increased to P64.3 billion in October, bringing the year-to-date shortfall to over P1 trillion, based on Treasury data released on Thursday.
- The gap was greater than the P61.4-billion shortfall posted a year ago.
- Bureau of Internal Revenue The Treasury bureau said the deficit had widened by 4.77 percent “on the back of 10.90-percent year-over-year revenue growth alongside a 9.60-percent increase in government spending.
- ” Revenues soared to P253.1 billion in October, up from P228.2 billion a year earlier, while spending inched higher to P317.4 billion from P289.6 billion.
- The October shortfall brought the year-to-date budget gap to P1.2 trillion, picking up from P940.6 billion in the first 10 months of 2020. The Bureau of Internal Revenue collected most of the month’s revenue with P162.1 billion, 6.60 percent higher compared to P152.1 billion a year before.