Budget deficit widens to P188 billion

MANILA, Philippines – The government’s budget deficit widened to P188 billion in the first seven months of the year, 462.5 percent higher or more than five times the P33.4-billion deficit recorded in the same period last year as it spent more but collected less taxes.

In July alone, the deficit hit P34.6 billion, more than double the P15.4- billion budget gap recorded in the same month last year as government spending exceeded the revenues it generated, Finance Secretary Margarito Teves disclosed yesterday.

With the widening budget gap recorded from January to July, Teves said, it is becoming increasingly difficult to meet the revised deficit program of P250 million for 2009.

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