Manila, April 2 -- The government is on track to hit fiscal targets this year as revenue collections and expenditures continued to post double-digit growth as of end-February, the Bureau of the Treasury (BTr) said.

In its cash operations report released Wednesday, the BTr said the government recorded a budget deficit of PHP103 billion in the first two months of the year, wider than the PHP76.7 billion seen last year.

Revenue collections for the first two months of the year rose by 11.32 percent to PHP718.9 billion from PHP645.8 billion in the same period last year.

Taxes accounted for the largest component at PHP671.9 billion, up by 12.64 percent.

BTr data showed that the Bureau of Internal Revenue (BIR) collected a total of PHP514.7 ...