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In October 2021, revenues grew faster than government spending, resulting in a budget deficit of PHP64.3 billion for the month.

Total revenues last month reached PHP253.1 billion, up 10.9 percent from PHP228.2 billion a year ago, according to data released by the Bureau of the Treasury (BTr) on Thursday.

Government spending increased by 9.60 percent to PHP317.4 billion from PHP289.6 billion the previous year.

The Bureau of Internal Revenue (BIR) increased its collections by 6.60 percent to PHP162.1 billion, while the Bureau of Customs (BOC) increased its collections by 9.76 percent to PHP55.5 billion.

Total revenue for the first ten months of this year was PHP2.49 trillion, up 5% from PHP2.37 trillion in the same period last year.

Expenditures increased by 11.51 percent to PHP3.693 trillion in October 2020, up from PHP3.312 trillion in October 2019.

This increased the 10-month budget deficit to PHP1.203 trillion, up 27.94 percent year on year, and accounts for roughly 65 percent of the PHP1.9 trillion full-year budget plan.

Michael Ricafort, chief economist of Rizal Commercial Banking Corporation (RCBC), said in a report that he expects a further increase in government spending as the country rushes to complete various infrastructure projects ahead of the construction ban before the national elections in May 2022.

Various programs aimed at mitigating the effects of the virus-induced pandemic, as well as the purchase of additional Covid-19 vaccines, are expected to increase government spending in the coming months, he said.

Meanwhile, Ricafort stated that continued relaxation of quarantine restrictions, particularly now that the government has implemented the Alert Level system across the country, is expected to increase government revenue.

This is due to the fact that more businesses are now able to operate, and people have begun to flock to malls, parks, and other areas, boosting economic activity, he explained.

“An important development for the country’s fiscal and economic performance is lawmakers’ timely approval of the 2022 national budget by early December 2021 or before the Christmas holidays/break to avoid the risk of a re-enacted budget for next year, especially for funding various Covid-19 programs and continuing to help pump-prime/stimulate the economy through increased infrastructure spending and other government projects as important pillas.”

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