The country’s budget deficit widened to P120.9 billion in August, three times higher than the same month last year as expenditures on public goods and services surged by more than a third to soften the impact of strict lockdowns.

This brought the eight-month shortfall to P958.2 billion, 29.4 percent higher year on year.

According to the Bureau of the Treasury, government revenues went up by only 3 percent to P240.6 billion last August while disbursements jumped 34.2 percent to P380.2 billion – the second highest year-on-year growth this year – largely to support COVID19 spending requirements, subsidies to households affected by the recent lockdown, and releases to the Philippine Health Insurance Corp.

The government spent P42.35 billion for subsidies that went mainly to Philhealth which has accumulated billions in unpaid claims from hospitals and healthcare workers from both COVID19 and nonCOVID19 cases. (Eileen Mencias)

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PH budget deficit three times higher in August
Source: Filipino Daily Inquirer