Gov’t goes on spending spree as budget releases up by 34% in July
It looks like the state’s build and spend mantra is on track.
The Duterte administration looks on track to killing underspending, as state expenditures regained momentum early into the third quarter.
Treasury data showed that government spending surged by 34 percent in July to P328.1 billion coming from P245.1 billion during the same period in 2017.
Actual spending grew by a whopping 41 percent to P283.3 billion, while interest payments steadied at P44.8 billion.
This brought the year-to-date spending tally to P1.932 trillion, 23 percent higher from the comparable seven-month period last year.
This also drove the budget deficit wider to P279.4 billion compared to P205 billion as of end-July 2017.