P6.3-B October budget surplus shrinks deficit to P963.9B

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P6.3-B October budget surplus shrinks deficit to P963.9B - Business Mirror

Quick Summary:

THE national government’s budget deficit narrowed to P963.9 billion as a P6.3-billion budget surplus was recorded in October due to increased revenue collections outpacing expenditures.

Broken down, the Bureau of Internal Revenue (BIR) raised P2.4 trillion, making up 84.95 percent of the P2.85-trillion revised full-year target.

Revenues collected reached P3.766 trillion as of end-October, 16.83 percent higher than the P3.223 trillion generated a year ago.Taxes contributed 85.68 percent or P3.226 trillion to overall revenues, which grew by 11.40 percent from P2.896 trillion year-on-year.