Budget Gap Widens in First Quarter
The government’s budget shortfall rose by more than a quarter in the first three months of the year on the back of accelerated spending on infrastructure projects mainly in areas affected by Super Typhoon Yolanda (Haiyan). Documents released by the Department of Finance (DOF) Wednesday showed a wider gap between state revenues and expenses in the first three months despite significant increases in collections by the government’s main money-making agencies.
Source: Philippine Daily Inquirer