The national government’s budget deficit in the first quarter of this year shrank to P316.8 billion as revenues grew along with government expenditures.
THE national government’s budget deficit in the first quarter of this year shrank to P316.8 billion as revenues grew along with government expenditures.
Meanwhile, the Bureau of Customs contributed P188.6 billion, soaring by 26.39 percent from the previous year’s P149.2 billion. Rizal Commercial Banking Corp. Chief Economist Michael Ricafort said measures to further reopen the economy would further help the government increase its tax revenue collections and curb the growth in government spending, especially on its pandemic response in the coming months.“Thus, all of these measures to further reopen the economy towards greater normalcy would help narrow the country’s budget deficit and help also temper the growth in the government’s debt stock,” Ricafort said.
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