The budget balance in May swung to a deficit of P33.4 billion from a P52.8 billion surplus in April, data from the Bureau of Treasury (BTr) showed on Friday. Year-on-year, the deficit in May showed a widening of 89 percent from P17.7 billion. The government has set a cap on its budget deficit for full-year 2017 at 3 percent of the country’s gross domestic product (GDP). For now, the Treasury report included figures for interest payments, which widened 21 percent year-on-year to P21 billion in May 2016. Primary budget in the five-month period posted a surplus of P68.7 billion, 13 percent wider than the P60.9 billion surplus a year earlier.

Source: Manila Times June 23, 2017 17:48 UTC