MANILA, Philippines — The Philippine government posted a narrower budget gap in March, pulling down the three-month deficit as revenue growth outpaced softer state spending due to delays in the passage of 2019 national budget, the Bureau of the Treasury reported Thursday. The budget gap in March stood at P58.4 billion, 47% slimmer than last year’s outturn. Related Stories Philippines posts wider-than-expected budget deficit in 2018 amid spending boostA deficit means the government spent more than it earned, while the surplus means otherwise. The Duterte government has been pushing for a wider budget gap to accommodate heightened infrastructure spending, particularly big-ticket projects in its “Build, Build, Build” program. For 2019, the state has set a wider deficit ceiling at P624.4 billion (3.2 percent of gross domestic product).

Source: Philippine Star April 26, 2019 04:45 UTC