Budget Deficit Bloats to P479 B in 3 Months

The country's budget shortfall expanded by nearly 76 percent to P479 billion in the first quarter from P272.6 billion in the same period last year as the government continued to spend more than what it generates from revenues, according to the Bureau of Treasury.

- By LOUISE MAUREEN SIMEON

This developed after the budget gap in March alone swelled by 92 percent to P375.5 billion from P195.9 billion.

For the first quarter, the government spent beyond what it generated from revenues, at a much faster pace this time around.

Data showed that government spending in the three-month period climbed by 22.4 percent to P1.48 trillion from P1.21 trillion in the same period last year. The amount is almost a quarter of the full year disbursement program of P6.2 trillion.

Primary expenditures at P1.24 trillion accounted for 84 percent of the total spending, up by 22 percent.