The budget deficit widened to P940.6 billion as of October, more than half of the expected full-year gap, as revenues continued to drop year-on-year despite rising expenditures to fight COVID-19.
The Bureau of the Treasury’s cash operations report released on Wednesday showed that the government spent P3.31 trillion from January to October while it collected P2.37 trillion in taxes and other nontax revenue sources.
The end-October deficit was 170.1-percent bigger than the P348.3 billion recorded a year ago.
By year’s end, the budget deficit is projected to hit P1.82 trillion or 9.6 percent of gross domestic product (GDP).
Following the announcement of the worse-than-expected …
Keep on reading: 10-month budget gap swells to P940.6B