(MENAFN) Data from the Department of Finance (DOF) showed that the Philippine budget deficit increased to USD688.96 million in July, surpassing last year's deficit of USD38.51 million.
Until today, the budget shortfall reached USD395.83 million, lower than the USD1. 19 billion posted last year. The DOF attributed the drop to robust expenditure growth.
The government's total revenues for July hit USD3.82 billion, 7 percent higher than previous year's figure, while total revenues from January to July reached USD26.96 billion, reflecting a 15 percent growth.
"The pace of expenditure growth we are seeing has a clear positive trend since we adopted a whole-of-government approach to addressing under-spending," Filipino Finance Secretary said.
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