Weak govt spending in Q1 raises risk to Philippine growth

MANILA: The Philippines posted a smaller-than-targeted budget deficit in the first quarter of the year as it spent less than planned, casting a shadow over the country's growth outlook for the year.

The government spent 13% less than programmed in the first quarter, data showed on Monday, resulting in a budget deficit of 33.5 billion pesos ($751 million). That was sharply lower than its 98.1 billion peso fiscal gap goal in the first three months of the year.