Budget shortfall hits P73.7 billion from January-July

THE Philippine government's fiscal deficit for the first seven months to July reached to P73.731 billion, the Department of Finance said on Thursday.

The January to July budget shortfall was 68.7 percent higher than the P43.713 billion recorded during the same period of last year.

For July alone, the budget gap reached to P39.249 billion, an increase of 48.2 percent compared to P26.482 billion a year ago.

The government has generated P884.230 billion revenues from January to July, while disbursed P957.961 billion during the same period.

From January to July, the Bureau of Internal Revenue managed to collect P604.676 billion, while the Bureau of Customs generated P167.816 billion.

The Bureau of the Treasury income was recorded at P57.904 billion while collections from other offices were recorded at P53.834 billion.

Revenue collections reached P123.309 billion for the month of July. (SDR/Sunnex)