MANILA - The Philippines booked a P200.3-billion budget deficit for May, bringing the cumulative deficit for the year to P566.2 billion, the Bureau of Treasury said on Tuesday.
The deficit last month was marginally smaller than the P202.1 billion shortfall incurred in the same month last year, Treasury said. The deficit narrowed as revenue collection increased even as expenditures grew, the agency added.
Tax revenues surged 69.26 percent to P256.4 billion in May, while non-tax revenues grew 260.4 percent to P22.2 billion.
Large parts of the Philippines were still under the strictest level of lockdown in May last year, which shuttered business and government offices considered non-essential.
Expenditures last month meanwhile also surged 29 percent to P456.7 billion mainly due to disbursement to infrastructure projects, education and health programs, releases to the PhilHealth for the health insurance premiums of senior citizens, and to local government units for the Barangay Development Program.
Total expenditures from January to May reached P1.8 trillion, up 8.8 percent from the same period last year.
The Philippines has been borrowing heavily to finance its COVID-19 response and its ambitious infrastructure program.
The country's debt stood at P10.99 trillion at the end of April.