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Market Update: Philippines Budget Gap Jumps in August
The government budget deficit in the Philippines widened sharply to PHP 120.9 billion in August 2021 from PHP 40.07 billion in the same month a year earlier, reflecting the severe impact of the COVID-19 pandemic. Spending jumped 34.2 percent to PHP 380.19 billion from PHP 283.31 billion a year ago while revenues increased at a softer 6.6 percent to PHP 259.25 billion from PHP 243.23 billion. Considering the first eight months of the year, the budget deficit increased to PHP 958.7 billion from PHP 740.17 billion in the corresponding period of 2020. source: Bureau of the Treasury, Philippines [/s2If]
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