MANILA - The Philippines posted a budget surplus of P2.6 billion in May as revenue collections outpaced spending, the Bureau of Treasury said on Tuesday.
The surplus was a reversal of the P32.9 billion deficit booked in the same month last year.
"This brought the cumulative deficit for the first five months to only P809 million, far lower than the P138.7 billion budget gap recorded for the comparative period last year, mainly caused by the delay in the approval of the 2019 budget," the agency said.
Revenue collections for May reached P317.2 billion, which was 22.5 percent lower compared to the same month in 2018. Spending meanwhile reached P314.7 billion in May, Treasury said.
The government has been banking on sustained spending, particularly on infrastructure, to boost the economy.
It has set a deficit target of P631.5 billion or 3.2 percent of gross domestic product this year, but a delay in the passage of the 2019 budget instead saw it accumulate surpluses in January and April.
Last year, the budget shortfall reached P558.3 billion or 3.2 percent of the country's gross domestic product, slightly exceeding the government's 3-percent target.