Daily News

Budget deficit inches up in March

The government’s budget deficit inched up in March as expenditures outpaced revenues, but the first-quarter gap narrowed due to slower spending due to the COVID-19 pandemic, the Bureau of the Treasury (BTr) reported. The country’s budget deficit went up 1.83% to P59.5 billion in March from the P58.4 billion recorded a year ago. This is also higher than the P37.6-billion gap logged in February. Government spending increased by 15.97% to P333.2 billion in March from P287.3 billion in the same month last year.