The Philippines government revealed a budget deficit of 250.9 billion pesos, equivalent to US$4.42 billion, for the month of September, according to an announcement by the Treasury Department, operating under the Ministry of Finance. This deficit marks a significant 39% increase compared to the same month in the previous year.
Preliminary figures also indicate that the September deficit has contributed to the overall budget shortfall for the period spanning from January to September this year. The cumulative budget deficit for this nine-month period has risen to 983.5 billion pesos, reflecting a marginal decrease of 2.9% when compared to the corresponding timeframe in the previous year.
These fiscal statistics underscore the ongoing financial challenges faced by the Philippines government, prompting close attention to the management of public finances and the potential measures that may be taken to address this budget deficit in the coming months.