Above-target revenue collections slightly narrowed the national government’s budget deficit to P32.9 billion in May.
Last month’s deficit was 2-percent lower than the P33.4 billion posted in the same month last year, the latest Bureau of the Treasury data released Monday showed.
Expenditures of P291.9 billion in May outpaced tax and nontax revenues of P259 billion, but the year-on-year revenue increase surpassed that of disbursements.
In May, revenues jumped 13 percent from P228.3 billion a year ago, while expenditures climbed 12 percent from last year’s P261.7 billion.
During the January to May period, the budget deficit more than doubled to P138.7 billion from the P63.6 billion recorded at the end of the first five months of last year.
However, the Treasury said in a statement that the end-May deficit was 32-percent below the five-month program of P205 billion.
The Treasury said that the narrower deficit as of May was due to robust revenue collections.
Total revenue collections amounted P1.186 trillion from January to May, up 19 percent from P996.5 billion a year ago.
The actual end-May revenues were 7-percent higher than target, the Treasury said.
Government spending on public goods and services, meanwhile, rose 25 percent at end-May to P1.325 trillion from a year ago’s P1.06 trillion.
Actual expenditures as of May were 1-percent bigger than the program, according to the Treasury.
The government targets a budget deficit of P523.7 billion by yearend, equivalent to 3 percent of gross domestic product.