Inquirer
April budget gap swells to P274B
The Philippine government incurred a P273.9 billion budget deficit in April 2020, a stark contrast to the P86.9 billion surplus recorded in the same month of 2019, largely due to increased spending and significantly lower revenue collection amidst the COVID-19 pandemic.
Government spending surged by over 100% in April as it aimed to support sectors heavily impacted by the pandemic and the ensuing lockdown measures.
Revenue collection experienced a sharp decline of 39.17% year-on-year, dropping to P187.8 billion from P308.7 billion.
This revenue shortfall was primarily attributed to the delayed income tax filing deadline, which was moved from April 15 to June 14 due to extended stay-at-home orders.
Despite the overall decline in tax revenues, non-tax revenues saw a substantial increase of 215.98%.
The surge in non-tax revenues was driven by the directive for state-run corporations to remit their dividends earlier than usual to help fund the government's COVID-19 response under the Bayanihan to Heal as One Act.
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