MANILA, Philippines – The country likely recorded a budget surplus last month, the budget chief announced on Thursday, May 17.
“It’s likely a surplus because revenues were good versus last year,” Budget Secretary Florencio Abad said.
Abad noted that government spending, mostly on infrastructure, also “accelerated.”
The Philippines booked its first surplus amounting to P10.66 billion in February as the surge in government revenues outpaced the growth in its spending.
In March, the budget swung to a deficit of P28.62 billion, bringing the total deficit in the first quarter of the year to P33.9 billion, less than half of the P82.8 billion programmed for the period.
The government is scheduled to release its April fiscal report on Monday, May 21. – Rappler.com
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