THE national government’s budget gap from January to October 2020 has ballooned to P940.6 billion, nearing the P1 trillion mark, as revenue collections further weakened, the Bureau of Treasury (BTr) reported Wednesday.
The 10-month figure was a 170 percent jump or almost threefold increase compared to the P348.3 billion deficit reported in the same period last year.
The October deficit reached P61.4 billion, up 24.56 percent from last year’s shortfall of P49.3 billion as state revenues dipped and spending slowed.
Total revenue for the month was 12.75 percent lower at P228.2 billion, as main tax agencies posted declines in collections.
The Bureau of Internal Revenue recorded a 14.62 percent drop in collection for the month at P152.1 billon, bringing its January to October performance to P1.6 trillion, down by 10.38 percent.
The Bureau of Customs also posted a 12.25 percent decline in net revenue of P50.6 billion for the month.
National government spending also went down 6.84 percent in October to P289.6 billion “largely attributed to the base effect of the one-off pension differential releases for the military and uniformed personnel in October last year, as well as the expected lower capital outlays during the year because of the pandemic,” the BTr said. (CSL with PR)