MANILA - The Philippines' budget deficit slightly rose to P106.4 billion in February from the P105.8 billion shortfall in the same period in 2022 due to the slight decline in revenue collection, the Bureau of Treasury said on Monday.

This brought the budget gap as of the end of February to P60.5 billion, down 53.07 percent, the BTr said.

Revenue collection hit P211.9 billion in February, lower by 0.25 percent from a year ago due to a 3.01 percent decline in tax revenues, the agency said.

The Bureau of Internal Revenues' collection for the month eased to P129.4 billion or 5.29 percent lower compared to the same month the previous year, data showed. Meanwhile, the Bureau of Customs' raised P62.9 billion, outperforming the previous year's outturn by 5.83 percent.

The BTr said its income improved by 51.16 percent, reaching P6.4 billion in February. Collections from other offices were also up 32.93 percent to P13.2 billion, data showed.

Expenditures, on the other hand, were relatively flat at P318.2 billion, the BTr said.

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