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.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
EU, ISSB agree on minimising overlaps in company climate disclosures
US law firm Mayer Brown to split from Hong Kong partnership
US labour costs rise by most in a year as productivity cools
US trade deficit narrows slightly in March
Canada posts surprise trade deficit as gold exports fell in March
OECD upgrades global growth outlook as US outperforms