Gov’t logs wider P198.5B budget deficit in May

MANILA, Philippines – The national government’s budget deficit widened by 36.7 percent to P198.5 billion in May as a sharp decline in non-tax revenues more than offset strong tax collections and moderate spending growth. According to the Bureau of the Treasury (BTr), non-tax revenues dropped by 64.22 percent to P39.4 billion in May from P110.2 billion in the same month last year. READ: Gov’t budget surplus shrank to P31.4B in April The decline was mainly due to the earlier remittance of dividends by government-owned and controlled corporations (GOCCs), which shifted collections away from their usual May schedule. Tax collections, meanwhile, […]... Keep on reading: Gov’t logs wider P198.5B budget deficit in May