The Philippines: Budget deficit swells to PHP40bn in Aug 20

  • The National Government’s budget deficit ballooned by 1,510% to PHP40bn in Aug 20 from a mere PHP2.5bn shortfall a in 2019, as revenues remained weak amid the economic slowdown, the Bureau of the Treasury (BTr) said.
  • The BTr cash operations report released on 22 Sep 20 also showed the fiscal gap in Aug 20 was slimmer than the PHP140.2bn deficit in Jul 20.
  • Revenues slumped by 13% to PHP243.2bn in Aug 20, as tax revenues dropped by 11% to PHP233.1bn. Taxes collected by the Bureau of Internal Revenue (BIR) fell 9% to PHP187.9bn, while the Bureau of Customs’ (BoC) collection was 17% lower at PHP44.4bn.
  • Non-tax revenues, including privatization proceeds and fees and charges generated, slid by 44% to PHP10.1bn in Aug 20.

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