National govt swings back to budget surplus position in June

ABS-CBN News

Posted at Jul 22 2020 01:14 PM | Updated as of Jul 22 2020 01:33 PM

MANILA -- The national government swung back to a budget surplus position in June, as it ramped up collection of delayed income taxes and economic activities resume following easing of lockdowns, the Bureau of Treasury said Wednesday. 

The national government reverted to a P1.8 billion budget surplus in June from last year's P41.8 billion, the Bureau of Treasury said in a statement.

The first semester deficit widened to P560.4 billion, it added.

Tax revenues rose 54.56 percent to P325.4 billion in June, while government spending picked up at 26.65 percent.

Several businesses were allowed to operate at limited capacity after Metro Manila and other areas emerged from an 11-week lockdown due to the coronavirus on June 1.

Revenue collection rose to P351 billion in June, or 50.06 higher compared to last year's P233.9 billion while expenditures rose to P349.2 billion, up 26.65 percent from P275.7 the previous year, data showed.