The country's budget shortfall swelled in April as the government poured more funds into COVID-19 response and saw tax collections drop after many businesses went on lockdown, latest Treasury data showed.
The second tranche of cash aid to 17 million families – made up of 12 million households that still remained under lockdown in May and 5 million new beneficiaries – is expected to be released this month, alongside other doleouts to help displaced workers sustain their basic needs for now. "The slower outturn was attributed to the Luzon-wide enhanced community quarantine, which was also implemented in other provinces, and the extension of deadlines for the filing and payment of income and other taxes due for the month amid the pandemic crisis," the bureau said in a statement Wednesday.
The shortfall in revenues against actual spending led to a ₱273.9-billion budget deficit, reversing the April 2019 seasonal surplus.
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