MANILA, Dec. 26 (Xinhua) -- The Philippines' budget deficit widened to 1.26 trillion pesos (roughly 21.4 billion U.S. dollars) as of the end of November, up 7.38 percent from 1.18 trillion pesos in the same period of last year, according to the latest data from the country's Bureau of the Treasury (BTr).
In a statement released on Tuesday, the bureau said the wider deficit was driven by faster growth in government spending, which rose 2.49 percent year-on-year, outpacing the 1.09 percent increase in revenue collection.
Year-to-date government receipts reached 4.15 trillion pesos, up 1.09 percent from 4.10 trillion pesos in the same period of last year.
The BTr said the deficit remains within the government's fiscal program, standing at 80.92 percent of the revised full-year target of 1.56 trillion pesos for 2025, "reflecting the government's commitment to prudent fiscal management and consolidation efforts." (1 peso equals 0.017 U.S. dollars) ■
