Philippines fiscal balance swings back to deficit in July

The Philippines' fiscal balance swung back to a deficit in July 2020 due to lower revenue collections and increased expenditures.

Government revenues fell by 11.2% to P234.5 billion in July, while spending rose by 10.4% to P374.7 billion, driven mainly by the emergency cash assistance program.

The budget deficit reached P140.2 billion in July, an 86.2% increase from the same period last year and a reversal from June's surplus of P1.8 billion.

From January to July, the cumulative budget deficit was P700.6 billion, marking a 494% rise compared to the same period in 2019.