Data from the Treasury bureau showed on Wednesday that the shortfall was bigger than the P49.3-billion deficit a year earlier, but smaller than the P138.5-billion gap in September. “The budget gap widened behind a 12.75-percent year-over-year contraction in revenue receipts despite a 6.84-percent reduction in disbursements” the BTr said in a statement. The October deficit brought the year-to-date gap to P940.6 billion, higher than the P348.3 billion in the first 10 months of 2019. It is, however, 27.53 percent lower than the government’s revised program of a P1.298-trillion budget shortfall for the period. Netting out interest payments, the primary balance reached a fiscal deficit of P39.3 billion in October, bringing the 10-month tally to a P605.5-billion gap.

Source: Manila Times November 25, 2020 17:43 UTC