The government recorded a higher budget deficit of P175 billion in May as state spending accelerated particularly on infrastructure projects, effectively offsetting the increase in revenue collections, according to the Bureau of the Treasury.
BTr data showed the Marcos administration reverted back to a budget shortfall of P174.9 billion in May after a quick surplus of P42.7 billion in April due to the tax season.MANILA, Philippines — The government recorded a higher budget deficit of P175 billion in May as state spending accelerated particularly on infrastructure projects, effectively offsetting the increase in revenue collections, according to the Bureau of the Treasury.
For the five-month period, the budget deficit went up by 24 percent to P404.8 billion from P326.3 billion a year ago as spending outpaced revenue growth during the review period. Apart from primary expenditures, the government also jacked up its interest payments by 48 percent to P61.1 billion from P41.3 billion a year ago.
The bulk or 80 percent of the revenues came from tax collections at P303.9 billion, up by 3.35 percent from a year ago. Non-tax collections, on the other hand, soared by almost 100 percent to P78.2 billion in May.
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