The national government’s fiscal balance saw a narrower deficit in May as state collections exceeded spending growth during the period, data released by the Bureau of the Treasury (BTr) on Tuesday showed.
The national government’s fiscal balance saw a narrower deficit in May as state collections exceeded spending growth during the period, data released by the Bureau of the Treasury on Tuesday showed.
The narrower fiscal gap was also due to the higher growth in revenues at 10.83% against the spending growth of 1.22%. Tax revenues in May totaled P291.7 billion, up 2.43% from P284.8 billion, bringing the total tax collections to P1.414 trillion for the January to May period. The Bureau of Customs also raised P77.9 billion for May, topping its previous year’s outturn by 17.56% from P66.3 billion.
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