MANILA, Philippines — The government’s fiscal position swung to a deficit during the first four months of the year on the back of higher-than-expected increase in revenues despite spending boost.
According to Finance Secretary Carlos Dominguez III, the budget gap from January to April widened to P115.9 billion, P51.2 billion below program but P85.7 billion more than the same period last year.
During the January-April period, total revenues were 7 percent or P21.4 billion above program, after tax collections by the Bureau of Internal Revenue and the Bureau of Customs blew past target by P19.4 billion and P2 billion, respectively.
Year-on-year, generated revenues grew 21 percent.
Meanwhile, disbursements jumped by 31 percent to P1.04 trillion, P244.8 billion higher than last year.
For 2018, the government has set a budget deficit cap of P523.6 billion or equivalent to 3 percent of the country’s gross domestic product. — Ian Nicolas Cigaral with a report from BusinessWorld