The National Government stepped up spending in February, negating revenue gains during the month to post a wider budget deficit of P164.7 billion, erasing a surplus posted in January.
The budget deficit in February last year stood at P106.54 billion.
With the yawning budget gap in February, the deficit in the first two months widened to P76.7 billion from P60.6 billion the year-earlier period.
Total expenditure in February rose 22 percent to P388.7 billion, pushing the total in the first two months higher by 16 percent to P722.5 billion. Interest payments in February rose 40 percent to P47.8 billion due to higher debts while other expenses was up 20 percent to P340.9 billion.
Total revenue collection in February increased 5.7. percent year-on-year to P224.0 billion, pushed up by better performances of both the Bureau of Internal Revenue and the Bureau of Customs. BIR collection was up 6.7 percent to P138 billion while the BOC increased its February collection by 12 percent to P70.6 billion.
Year-to-date revenue collection rose 15 percent to P645.8 billion, with a total P596.5 billion raised through taxes. The January-February collection of the BIR total P446.4 billion while BOC had a total of P144.0 billion.
The Bureau of the Treasury contributed P6.5 billion in revenue in February, up 1.6 percent due to higher dividend from the Philippine Amusement and Gaming Corp.
Collection from other offices, including privatization proceeds and fees and charges, in February dropped 43 percent to P6.2 billion due to lower Malampaya proceeds. Year-to-date collection was lower by 21 percent to P26.1 billion.
