MANILA (XINHUA) – The Philippines’ Bureau of the Treasury said yesterday that the government’s budget deficit reached PHP174.9 billion (USD2.98 billion) in May 2024, increasing by 43.1 per cent from the May 2023 level.
The bureau attributed the higher deficit to a notable surge in government spending. “The higher deficit resulted from an acceleration in government spending, pushing disbursement growth for the month to 22.24 per cent, as against revenue expansion of 14.59 per cent,” it said.
