Fiscal deficit shrinks by 2% in May

THE GOVERNMENT posted a P32.9-billion fiscal deficit in May, down 2% from P33.4 billion in the same month last year.
Overall government revenues in May were up 13% to P259 billion, while disbursements grew 12% to P291.9 billion.
This puts the January-May fiscal at P138.7 billion, 118% wider than the P63.6 billion recorded in the same period last year.
This is equivalent to 26.48% of the P523.7-billion programmed budget shortfall for the whole year. — Elijah Joseph C. Tubayan