Philippines Returns to Deficit in February
The government reverted back to a budget deficit in February after a quick surplus at the start of 2023, but a narrower gap can still be expected as the tax season draws near.
Latest data from the Bureau of the Treasury showed that the government swung back to a budget deficit of P106.4 billion in February from a brief surplus of P46 billion at the onset of 2023.
The February fiscal turnout, however, is just slightly up by 0.54 percent from the P105.8-billion shortfall in the same period last year.
A budget deficit means that the government is spending beyond what it earned from revenue collections, at a slightly faster pace this time around.
