MANILA – The Philippines’ budget deficit widened to P321.5 billion from January to March this year, after booking a P191.4 billion shortfall last month, the Bureau of Treasury said on Tuesday.
Treasury said expenditures grew by 22.3 percent in March year-on-year while revenue collections fell 17.4 percent.
For March the government collected P216.2 billion in revenues but spent P407.6 billion.
From January to March, revenue collections reached P696.5 billion, while expenditures hit P1,017.9 billion.
Treasury noted that the budget shortfall for March this year was much higher than the P71.6 billion deficit last year.
Likewise, the shortfall in the first quarter of 2021 was more than triple the P86.2 billion deficit in the same period in 2020.
The agency said disbursements for infrastructure projects of the DPWH, as well as various social welfare programs buoyed spending.
The Philippines has been borrowing heavily to finance its COVID-19 response.
FROM THE ARCHIVES