Budget deficit remains within target

The government recorded a P53-billion budget deficit in July, bringing to P105 billion the deficit for the first seven months of the year, the Department of Finance (DOF) said on Monday.

In a statement, the DOF said that the July deficit grew 36 percent year-on-year compared to the P39-billion shortfall for July last year, noting that “government operating expenses paced higher than expected revenue collections.”