First Half Budget Deficit Up 28%

The government recorded a P90.9-billion deficit in June, five times higher than the P16.7-billion program and double the P45.2 billion in the same month last year. The fiscal balance for the year as of June is at a P154.5-billion deficit, seven percent more than the P143.8-billion program and 28% bigger than the P120.3 billion last year. Budget officials say that expenditure is right on schedule, but revenues fell way short of the target. While…

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