Philippines posts P121B budget deficit in July

The Philippines recorded a budget deficit of P121 billion in July, narrowing by 13.57% compared to the same month last year.

Government spending increased slightly by 0.69%, while revenues grew by 9.21%, leading to an overall decrease in the fiscal gap for July.

However, the seven-month budget deficit widened to P837.3 billion, marking a 19.5% increase from the same period last year.