March budget deficit rises but Q1 gap narrows due to ECQ

The government's budget deficit increased by 1.83% to P59.5 billion in March compared to the same period last year, driven by higher expenditures.

Spending rose by 15.97% to P333.2 billion in March, with primary spending accounting for 87% of total expenses and interest payments making up the rest.

Despite the increase in March, the first-quarter budget deficit narrowed to P74 billion due to lower government spending caused by the COVID-19 lockdown measures implemented since mid-March.

Expenditures were 14.48% below the planned amount for the quarter, attributed to delays in program implementation and reduced interest payments.