RTTNews - The Philippines government recorded a fiscal deficit of PHP 34.6 billion in July, higher than a deficit of PHP 15.4 billion seen in the same month last year, the Bureau of the Treasury said Wednesday.

The expenditures climbed 13.8% in July from a year earlier to PHP133 billion, while the revenues fell 3% to PHP98.4 billion.

In the first seven months of the year, the government recorded a fiscal deficit of PHP188 billion, bigger than the PHP33.4 billion deficit recorded in the same period last year. Expenditures rose 18.1%, while revenues fell 4.1%.

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