July budget deficit narrows as revenues surge

The national government's budget deficit narrowed in July this year as revenues grew faster than expenditures.

Revenue collections rose to PHP472.3 billion from PHP457.4 billion last year, driven by higher collections from the Bureau of Internal Revenue and the Bureau of Customs.

BIR collections reached PHP335 billion, a 4.8 percent increase due to various taxes and stamp duties.

BOC collections also increased by 6 percent to PHP85.2 billion, with value-added tax and excise collections growing significantly.

Despite a decrease in non-tax revenues, strong BTr income at PHP36.3 billion helped offset this decline, representing an 82.42 percent growth.

Expenditures expanded moderately to PHP491.2 billion from last year's PHP486.2 billion, reflecting higher disbursements for various government programs and services.