Illustrative image (Source: gov.ph)

The Philippines ran a budget deficit of 32.2 billion peso (nearly 688.96 million USD) in July, 1.8 billion peso (38.51 million USD) higher than the year-earlier period, according to the country’s Department of Finance (DoF).

For the January-July period, the budget deficit narrowed to 18.5 billion peso (395.83 million USD) from 55.7 billion peso (1.19 billion USD) in the same period in 2014, the DoF said.

Public expenditures in July increased by 25 percent from a year earlier to 210.7 billion peso (4.51 billion USD), outpacing the 7 percent on-year growth in total revenue, which reached 178.5 billion peso (3.82 billion USD).

Total revenue in the January-July period reached 1.26 trillion peso (26.96 billion USD), a rise of 15 percent from a year earlier-VNA