The government incurred a budget deficit of P34.6 billion in February on increased spending, or nearly four times the gap of P9.7 billion year-on-year.
The February deficit brought the cumulative budget gap in the first two months of the year to P38.1 billion, or more than double the amount of P16.1 billion a year ago.
The government programmed a full-year budget deficit of P296.2 billion in 2016.
Netting out interest payments, the government posted a P13.3-billion budget deficit in February, a reversal of the P9.2-billion primary surplus on year.
The primary balance in the January-to-February period stood at a surplus of P28.8 billion, or 47 percent lower than P54.1 billion a year ago.
Government revenues in February increased 5 percent to P139 billion from P132.8 billion year-on-year. Year-to-date collections increased 7 percent to P321.2 billion from P299.4 billion a yer ago.
“We continue to see robust revenue growth supporting the government’s investment priorities. Our financial position remains healthy. Amid an uncertain global environment, maintaining a firm fiscal position is more important than ever,” said Finance Secretary Cesar Purisima.
Collections of the the Bureau of Internal Revenues in February increased 7 percent to P94.8 billion from P88.9 billion year-on-year. BIR collections in the first two months of 2015 also rose 7 percent to P224.5 billion.
Collections of the the Bureau of Customs in February contracted 1 percent to P27 billion, while year-to-date collection increased 3 percent to P58.1 billion.
The Bureau of Treasury posted the highest income growth of 33 percent in February to P5.8 billion, bringing the year-to-date collections to P13.8 billion.
“This is 33 percent higher than the level a year ago due to higher dividends on shares of stocks held by the government as well as the NG’s share in Philippine Amusement and Gaming Corp. income and Manila International Airport Authority profit,” the BTr said.
Meanwhile, public spending registered a double-digit growth of 22 percent to P173.6 billion in February.
Expenditures in the first two months grew 14 percent to P359.3 billion from P315.6 billion recorded in the same period last year.
Interest payments accounted for 12 percent of the expenditures for the month from 13 percent a year ago, but were up 13 percent year-on-year to P21.3 billion.
“The significantly higher foreign interest payments for the month is attributed to the timing of interest payments for global bonds amounting to P3.7 billion which were recorded in January instead of February last year, thus providing a low base,” the Treasury said.