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MANILA, Philippines – The national government posted a smaller budget surplus of P31.4 billion in April as spending growth outpaced revenue gains following the extension of the annual income tax filing deadline.
Latest data from the Bureau of the Treasury (BTr) showed the April surplus was 53.29 percent lower than the P67.3 billion recorded in the same month last year.
READ: Philippine budget surplus soars to P165.4B in January on slower spending
Expenditures rose 11.14 percent to P505.4 billion, driven by higher disbursements to local government units, payments for foreign-assisted railway projects, and the return of P60 billion in excess funds to the Philippine Health Insurance Corp.
