Budget deficit shrinks in first half as spending falls

ABS-CBN News

Posted at Jul 22 2019 03:56 PM

MANILA - The Philippines' budget deficit shrank in the first half of the year as revenues increased and government spending slowed, the Bureau of Treasury said Monday.

The fiscal gap of P42.6 billion from January to June was less than a quarter of the P193 billion deficit in the same period last year, Treasury said.

Revenues rose 9.71 percent to P1.547 trillion while spending fell 0.83 percent to P1.59 trillion during the first 6 months of 2019.

The Duterte administration has said that it was going to let the budget deficit grow by aggressively spending for its ambitious infrastructure push meant to give the economy a boost.

But a budget impasse, which stretched through the first quarter of the year, limited spending and instead slowed growth to its lowest rate in 4 years.