Philippines' budget deficit declines to 621.8 mln USD in October

The Philippine government posted a budget deficit of 34.4 billion pesos (about 621.6 million U.S. dollars) in October, 65.27 percent lower than in the same period of 2022, the country's Bureau of the Treasury said Wednesday.

The total aggregate budget deficit for the 10-month period amounted to 1.018 trillion pesos (about 18.4 billion dollars), down by 8.45 percent year on year, the bureau said.

The bureau attributed the "substantial" fiscal improvement in October to a "notable" 33.56 percent rise in revenue collections, outpacing the government expenditure.