The Philippines reported a budget deficit last month, relapsing from a surplus in April and causing the five-month shortfall to exceed the government’s first-half target.
The shortfall was 30.5 billion pesos ($668 million) in May, Finance Secretary Gary Teves said in a statement in Manila today. Spending increased 21.3 percent from a year earlier after a 12.1 percent gain reported previously for April, and revenue rose 5.3 percent. The five-month deficit widened to 162.1 billion pesos.
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