MANILA -The Philippine national government’s budget deficit narrowed by 16.7 percent to P122.2 billion in May from P146.8 billion in the same month in 2022 as the growth in revenues outpaced that of spending.
The Bureau of the Treasury (BTr) said the latest monthly readout also brought the January-May deficit down by 28.9 percent to P326.3 billion from P458.7 billion in the same period last year.
May expenses grew by only 0.9 percent to P455.7 billion while five-month disbursements rose slightly by 1.2 percent to P1.92 trillion.
Meanwhile, revenues for the month increased by 9.4 percent to P333.4 billion while five-month receipts jumped by 108 percent to P1.41 trillion.
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