RP fiscal deficit balloons by more than five times

MANILA, Philippines – Accelerated spending and weaker revenues forced the Philippine government to incur a five-month fiscal gap that is more than five times higher than the deficit recorded during the same period last year.

The national government’s fiscal deficit reached P123.2 billion from January to May, 556.2 percent more than the P18.8 billion reported during the same period last year, Department of Finance (DOF) Secretary Margarito B. Teves said.

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