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The Philippine government’s fiscal position swung back to a deficit in May amid an acceleration in state spending during the period, data released by the Bureau of the Treasury on Thursday showed.The national government’s budget balance stood at a deficit of P174.9 billion last month, from a surplus of P42.7 billion in April.Year-on-year, May’s budget gap widened by 43.10% from the P122.2-billion fiscal shortfall in the same month last year.
1 billion in May, up 14.59% from a year earlier. “The robust outturn for the month was underpinned by higher non-tax collections,” the BTr said.Year-to-date state collections grew by 16.34% to P1.9 trillion.State revenues were mostly from taxes at 85.59% of the total in the January to May period, amounting to P1.6 trillion, up 11.18% year-on-year.Non-tax collection, meanwhile, accounted for 14.41% of the total, exceeding last year’s outcome by 60.58%.
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