MANILA, Philippines – The national government slid back to a budget deficit in February, pegged at P76.4 billion, after chalking up a surplus of P44.5 billion in January, the Bureau of the Treasury said Friday.
The January-February fiscal position settled at a deficit of P31.8 billion, which was 23 percent less than the P41.5-billion deficit recorded in the comparative period of 2017, according to the bureau.
February revenues jumped by 13 percent year-on-year to P202.1 billion, bringing collection for the first two months to P458.5 billion — a year-on-year increase of 10 percent, the Treasury said.
Spending in February revved up by 21 percent to P278.5 billion even with a re-enacted national budget, thanks to payments of accounts payable.
Two-month expenditures totaled at P490.7 billion, up 7 percent from P458.9 billion previously, it added.