The national government reported a budget deficit in October reaching P21.8 billion, with expenditures outpacing revenues for the month, according to the Bureau of the Treasury (BTr).
Documents obtained by reporters show the government posting a deficit dramatically higher by more than 800 percent, from only P2.3 billion in the same month in 2016. The budget shortfall widened by P19.5 billion.
Expenditures for the month reached P226.9 billion, higher by 28 percent, from only P177 billion in October last year.
Broken down, interest payments rose to P20.4 billion, up by 27 percent, from P16.1 billion in the same month in 2016. So-called other expenditures totaled P206.4 billion for the month.
Revenues for the month totaled P205.1 billion, up by 17 percent, from P174.6 billion in 2016.
Tax revenues for the month reached P186.5 billion, which was an expansion by 28 percent, compared to only P157.4 billion in 2016.
The Bureau of Internal Revenue collected P142.5 billion in October, while the Bureau of Customs reported collections totaling P42.9 billion.
Nontax revenues totaled P18.6 billion, up by 8 percent, from P17.3 billion in the same month last year.
The BTr generated P7.6 billion during the month, or an expansion of 56 percent, from P4.9 billion in 2016.
As a result, the primary deficit, which nets out interest payment on government debt, contracted by 110 percent from a surplus of P13.7 billion a year ago to a deficit P1.4 billion wide in October this year.