The budget deficit narrowed in November as state spending grew slower than revenues, the government reported on Tuesday. The month’s P8.6-billion shortfall was lower than the P21.8-billion and P19.1-billion deficits respectively recorded in October and a year earlier, Treasury bureau data showed. Government revenues rose by 16 percent to P243.5 billion from P209.2 billion a year earlier while expenditures grew 10 percent to P252.1 billion from P228.4 billion. The bulk of government expenditures, meanwhile, was for items classified as “others,” which rose by 11 percent to P231.5 billion. “Other” expenditures rose 11 percent to P2.20 trillion, while interest payments recorded 2 percent growth to P290 billion.

Source: Manila Times December 26, 2017 16:52 UTC