MANILA, Philippines — The country’s budget deficit shrunk in the first six months due to lower government spending, according to the Bureau of the Treasury (BTr). For the month of June, alone, the country’s fiscal position settled at a P41.8 billion deficit, a reversal of the P2.6 billion surplus recorded in May. This was, however, 22.93 percent narrower than the P54.3 billion deficit recorded in the same month in 2018. Based on Treasury data, government revenues from January to June rose by 9.71 percent, while public expenditures dropped by 0.83 percent. “As a percentage of expenditures, interest payments for the first semester accounted for 11.32 percent compared with 10.32 percent a year ago due to lower expenditures.

Source: Philippine Star July 22, 2019 16:00 UTC