MANILA - The Philippines posted a budget deficit of P14.1 billion in January, reversing the P23 billion budget surplus registered a year ago, the Bureau of Treasury said on Wednesday.
Treasury said government spending rose 1.18 percent during the month while revenue collection fell 11.51 percent.
Government expenditures for January amounted to P274.8 billion in January, while revenue collection reached P260.7 billion, down P33.9 billion from last year’s P294.6 billion collections.
Tax collection made up 89 percent or P232.7 billion of the
total revenues while non-tax sources contributed 11 percent or P28 billion, Treasury said.
The government has been ramping up spending and borrowing as it responds to the COVID-19 pandemic.
Government debt hit P10.3 trillion at the end of January this year.