MANILA – Narrowing the deficit for October to P2.5 billion, the country’s growth in revenue collection outpaced government spending for the month.
The figure, which indicates 71.4 percent lower than the deficit in October.
The 10-month shortfall to P33.6 billion was brought by the decreased deficit at the start of the fourth quarter.
The Department of Finance on Monday said that the deficit for the month of October was lower compared to the same month last year.
The said decrease by 77 percent happened “as expenditures continued to grow at a slower pace than revenues.”
The Bureau of Internal Revenue’s collection increase by 7 percent to P101.8 billion in October. This brought an end-October take P1.1 trillion, a figure that is 11 percent more on year-on-year comparison.
A quick jump to P34.2 billion at 23 percent was posted by the collections of the Bureau of Customs.