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In May 2024, the Philippines' budget deficit widened by 43.1% to 174.9 billion pesos due to increased government spending.
The Philippines' budget deficit widened to 174.9 billion pesos (2.98 billion USD) in May, a 43.1% increase from May 2023, due to an acceleration in government spending.
The cumulative budget deficit for the first five months of 2024 reached 404.8 billion pesos, a 24.06% increase compared to the same period in 2023.
Expenditures surged by 22.24%, outpacing the 14.59% increase in revenues.
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En mayo de 2024, el déficit presupuestario de Filipinas se amplió un 43,1% hasta los 174.900 millones de pesos debido al aumento del gasto público.