The government reverted to a budget surplus last month as higher revenues surpassed state spending, the Bureau of the Treasury (BTr) said on Wednesday. Data from the Treasury bureau showed that June’s P1.8-billion surplus reversed the P41.8-billion and P202.12-billion deficit a month and a year ago, respectively. Other offices recorded P200 million in tax revenues in June. As a result, total tax revenues accelerated by 54.56 percent to P325.4 billion, reversing May’s 45.34-percent drop. Nontax earnings hit P25.6 billion, with the Treasury bureau contributing P11.3 billion, up 5.85 percent year-on-year.

Source: Manila Times July 22, 2020 17:34 UTC