Philippines’ budget deficit narrows to 512.22 mln USD in July

MANILA, Aug. 28 (Xinhua) — The Philippine government’s budget deficit declined to 28.8 billion pesos (roughly 512.22 million U.S. dollars) in July this year, down by 39.67 percent from a year ago, the Bureau of Treasury said on Wednesday.
The bureau said the July budget deficit was driven by faster revenue growth of 11.09 percent compared to a 5.80 percent increase in expenditures.
The bureau said that the year-to-date budget gap stood at 642.8 billion pesos (11.43 billion dollars), up by 7.21 percent from the same period last year. ■