Budget gap widens to P273 B in 3 months

The country’s budget shortfall slightly increased in the first quarter as the government continued to spend more than what it generated from revenues.

- LOUISE MAUREEN SIMEON

Data from the Bureau of the Treasury showed that the budget deficit inched up by 0.65 percent to P272.6 billion from January to March compared to last year's P270.9 billion.

This developed even as the budget gap in March narrowed by seven percent to P195.9 billion from P210.3 billion.

The deficit in the first quarter still means that the government spent beyond what it generated from revenues, although at minimal percentage this time.

Data showed that total revenue collection in March increased by 11 percent to P287.9 billion from P258.7 billion in the same period last year, largely driven by the expansion in non-tax revenues.

The bulk or 78 percent of the revenues in March came from tax collections at P223.9 billion, down by 0.23 percent from a year ago. Non-tax collections, however, surged by 87 percent to P64.1 billion in March.