Budget gap doubles to P67b

THE budget deficit widened in the first two months as the global recession reduced tax collections and prompted the government to boost spending.

The government posted a shortfall of P29 billion last month, Finance Secretary Gary Teves told reporters.

That pushed the budget gap to P67 billion in the first two months, more than double the P32.9-billion deficit a year earlier and near the 2008 deficit of P68.1 billion.

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