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Philippines budget swings to a surplus in April

[MANILA] The Philippine government had a budget surplus of 52.6 billion pesos in April, largely due to annual tax payments during the month, the Department of Finance said on Thursday.

In the four months to April, the government recorded a budget surplus of 19.1 billion pesos, compared with a 3.3 billion pesos shortfall in the same period last year. It was the first time the government posted a monthly budget surplus this year.

Manila is under pressure to accelerate expenditures after government underspending slowed quarter-on-quarter growth to its weakest in six years in the first quarter of the year.