RTTNews - The Philippines government recorded a fiscal deficit of PHP 11.4 billion in May, in contrast to a surplus of PHP 7 billion last year, the country's Bureau of the Treasury said Tuesday.

Total revenues dropped 2.5% year-on-year to PHP 104.2 billion, while total expenditures rose 15.8% to PHP 115.6 billion.

For the five months ended May, the fiscal deficit stood at PHP 123.2 billion, higher than the deficit of PHP 18.8 billion in the corresponding period last year. Total revenue fell 5.4% to PHP 456.2 billion, while total expenditure increased 15.6% to PHP 579.3 billion.

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