The government swung back to a budget deficit in May as revenues declined amid the early remittance of dividends by state-owned agencies, while spending increased, the Philstar Biz reported.
The Bureau of the Treasury said the budget gap widened to P198.5 billion in May, reversing from a surplus in the previous month. Revenues declined as some state-run firms remitted dividends earlier than usual, while expenditures rose due to higher spending on infrastructure and other programs.
The wider deficit reflects the government's continued reliance on borrowing to fund its spending priorities, as tax collections and other revenues remain under pressure. The Treasury did not provide a comparative figure for the same month last year.