THE national government’s budget deficit widened to P116 billion in February as expenditures grew faster than revenues during the month, according to the Bureau of the Treasury (BTr). The February budget deficit brought the year-to-date gap to P130 billion, higher than the P14.6 billion in the first two months of 2020. The Bureau of Internal Revenue contributed the bulk of revenues with P154.1 billion, a 8.39-percent increase from P142.2 billion a year ago. Meanwhile, nontax earnings fell to P16.3 billion, with the Treasury contributing P4.6 billion, plunging by 22.09 percent year-on-year. This year, the government is projecting the budget deficit to translate to 8.9 percent of the country’s gross domestic product, wider than the 7.63 percent in 2020.

Source: Manila Times March 30, 2021 16:30 UTC