Budget surplus widens in Jan as reenacted spending plan kicks in

ABS-CBN News

Posted at Mar 18 2019 02:15 PM | Updated as of Mar 18 2019 03:29 PM

MANILA -- The Philippines' budget surplus widened in January compared to the same month in the previous year as the government operated on a reenacted budget, official data released Monday showed.

The surplus reached P44.5 billion in January, up 337 percent from the comparable period in 2018, according to the Bureau of Treasury.

Revenues were up 7 percent to P256.7 billion while expenses were down 7 percent to P212.2 billion.

The 2019 national budget has not been passed as debates stalled last year over alleged insertions that supposedly favored a certain contractor and agency.

The government set a deficit cap of P631.5 billion or 3.2 percent of gross domestic product this year.