THE Philippines booked a budget deficit of P164.7 billion in February this year, higher than the P106.4 billion noted in the same period last year, the Bureau of the Treasury (BTr) said Tuesday, April 2.
Treasury said spending grew faster than revenues during the month, noting the 22.14 percent year-on-year increase in expenditures amid a moderate revenue growth of 5.73 percent.
The year-to-date (YTD) fiscal deficit hit P76.7 billion, up 26.56 percent from 2023 figures.
The bureau said expenditures reached P388.7 billion in February, driven by higher releases to local government units, Department of Health and Department of Social Welfare and Development.
Interest payments climbed to P47.8 billion, or 40.22 percent higher than that in the year before.
Meanwhile, government revenues jumped to P224 billion. The Bureau of Internal Revenue raised P138 billion, the Bureau of Customs collected P70.6 billion, and the BTr contributed P6.5 billion.
Collections from other offices reached P6.2 billion.
Philippine Socioeconomic Planning secretary Arsenio Balisacan said government expenditure declined in 2023 as they focused on fiscal consolidation. (ABS-CBN News)
