PH budget deficit widened 54% to P99.1B in Oct

The national government’s budget deficit in October widened by 54 percent to P99.1 billion from P64.3 billion in the same month of 2021 as rising inflation and a weak peso helped boost expenses, which outpaced the growth in revenues.

The latest monthly readout, however, was the narrowest deficit since the P72 billion recorded two months earlier in August although much wider than the overspending in October last year.

The government is prepared to incur a budget deficit of P1.7 trillion for full-year 2022, which suggests that the deficit in November and December could be much wider.

The Bureau of the Treasury said that October’s cash operations brought the January-October budget …

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