According to PH budget deficit narrowed in October on sharp revenue rise | Inquirer Business, after growth in tax collections exceeded state spending for the month, the government's budget deficit was significantly lower in October than it was a year earlier.
The budget shortfall decreased by 65.27 percent year over year to P34.4 billion in October from P99 billion in September of last year, according to Treasury figures released on November 29. Comparing this to the P250.9 billion difference in September of previous year, it was also noticeably less.
Because of the state's ongoing overspending, the government's budget balance remained negative. In order to close the budget deficit, according to PH budget deficit narrowed in October on sharp revenue rise | Inquirer Business, the government had to borrow money from domestic and foreign creditors.
The amount collected in revenue for the first ten months of this year was P3.22 trillion, up 33.56 percent from the previous year to P385.8 billion.
In contrast, government expenditure increased 8.32 percent year over year to P420.2 billion due to increased operational costs brought on by the month-long Barangay and Sangguniang Kabataan elections. According to PH budget deficit narrowed in October on sharp revenue rise | Inquirer Business, expenditures increased at an annualized rate of 4.52 percent to P4.24 trillion since the year's commencement.
Currently, according to PH budget deficit narrowed in October on sharp revenue rise | Inquirer Business, there is no risk of the government over its annual deficit cap.
P1.02 trillion was the budget shortfall from January to October, according to data, which barely makes up 68% of the P1.5 trillion deficit cap established by the Marcos administration for 2023.