Philippines reports budget surplus in October, reversing deficit from the previous year.

The Philippine government reported a budget surplus of 6.3 billion pesos in October 2024, reversing a 34.4 billion deficit from the same month last year. This improvement, attributed to a 22.63% rise in revenue collections and a 11.08% increase in expenditures, narrowed the year-to-date deficit to 963.9 billion pesos. Tax revenues increased significantly, with the Bureau of Internal Revenue's collections up 18.62% and the Bureau of Customs' collections up 11.50%. Despite a 13.50% decrease in income from investments, total revenue collections surged 22.6%, outpacing government spending.

November 27, 2024
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