Philippine government deficit surges

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Aquino
Philippine President Benigno Aquino III

The Philippines’ budget deficit rose to $1.2 billion in July 2013, 35.6 per cent higher than in the same month in 2012, the Department of Finance (DOF) announced on September 9.

The department reported a 21.7-per cent growth in government spending in July to $4.5 billion. Revenue, on the other hand, was not able to keep up with the pace of state spending as it reached just $3.28 billion, 17.3 per cent higher than in the same month in 2012.

“Our fiscal operations for July show that our expenditures have gained momentum, indicating increased investments in priority infrastructure and social projects. With both revenues and expenditures posting double-digit increases, this marks that the Philippine government is stepping up its efforts to support our growing economy,” Finance Secretary Cesar Purisima said.

The deficit jumped by 41.9 per cent for the first seven months of 2012 to $2.37 billion.

As of end-July, infrastructure and capital outlay spending increased by 42.4 per cent for infrastructure projects by the Department of Public Works and Highways — totaling $1.87 billion.

The big-ticket programmes and projects being pushed by the Aquino administration include resettlement programmes, emergency housing assistance for calamity victims, the health facilities enhancement programme, the Philippine National Police modernisation and the creation of new Department of Education positions, among others.

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Reading Time: 1 minute

Philippine President Benigno Aquino III

The Philippines’ budget deficit rose to $1.2 billion in July 2013, 35.6 per cent higher than in the same month in 2012, the Department of Finance (DOF) announced on September 9.

Reading Time: 1 minute

Aquino
Philippine President Benigno Aquino III

The Philippines’ budget deficit rose to $1.2 billion in July 2013, 35.6 per cent higher than in the same month in 2012, the Department of Finance (DOF) announced on September 9.

The department reported a 21.7-per cent growth in government spending in July to $4.5 billion. Revenue, on the other hand, was not able to keep up with the pace of state spending as it reached just $3.28 billion, 17.3 per cent higher than in the same month in 2012.

“Our fiscal operations for July show that our expenditures have gained momentum, indicating increased investments in priority infrastructure and social projects. With both revenues and expenditures posting double-digit increases, this marks that the Philippine government is stepping up its efforts to support our growing economy,” Finance Secretary Cesar Purisima said.

The deficit jumped by 41.9 per cent for the first seven months of 2012 to $2.37 billion.

As of end-July, infrastructure and capital outlay spending increased by 42.4 per cent for infrastructure projects by the Department of Public Works and Highways — totaling $1.87 billion.

The big-ticket programmes and projects being pushed by the Aquino administration include resettlement programmes, emergency housing assistance for calamity victims, the health facilities enhancement programme, the Philippine National Police modernisation and the creation of new Department of Education positions, among others.

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