7 months Deficit posted despite ‘forced underspending’ Manilatimes |Biz
The government’s budget balance reverted to a deficit in February despite continued delays in the passage of this year’s outlay. The month’s P76.4-billion gap was a reversal of the P44.5-billion surplus posted in January, Treasury bureau data released on Friday showed. It was also wider than the P51.7-billion deficit recorded a year earlier. Government revenues rose by 13 percent to P202.1 billion, from P178.5 billion last year, while expenditures grew by 21 percent to P278.5 billion from P230.2 billion. A month earlier, revenues rose by 7 percent while expenditures fell by 7 percent. The latest deficit resulted in a year-to-date ... more