Philippine budget deficit narrows to $512m in July

The Philippine government’s budget deficit narrowed significantly in July 2024, declining by 39.67 per cent to 28.8 billion pesos ($512.22 million) from 47.8 billion pesos in the same month last year, as per the latest report published by Bureau of the Treasury (BTr).

The BTr attributed the decrease to faster revenue growth of 11.09 per cent compared to a 5.80 per cent increase in expenditures. This favourable revenue-expenditure ratio contributed to the narrowing of the budget gap.

Year-to-date, the budget deficit stood at 642.8 billion pesos, representing a 7.21 per cent increase from the same period in 2023. While the overall deficit has risen, the July improvement indicates a positive trend in government fiscal management.

Attribution: Bureau of the Treasury report

Subediting: M. S. Salama