Philippines swings back to budget deficit in September

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peso2The Philippines budget position swung back to a deficit in September, as government pushed for higher spending to support the economy, the Department of Finance said Wednesday, according to GMA News.

In a report, the department said government incurred an 18.6-billion pesos ($440 million) shortfall in September, down 43 per cent from a year earlier, but a reversal of the 21.9 billion pesos surplus in August.

The September budget results brought the shortfall to 101.2 billion pesos in the first nine months of the year, compared with the 144.5 pesos billion deficit ceiling on programme. Minus interest payments on its obligations, government posted a primary surplus of 10.6 billion pesos in September, or 156.9 billion pesos in January to September.

Growth on both revenue and expenditure sides marked a strong fiscal fundamentals, Finance Secretary Cesar Purisima said in a statement linked to the report.

“The September report shows an even healthier picture of government fiscal performance as our revenues posted a strong increase over last year’s collections,” Purisima said.

“Coupled with strong growth in our expenditures over the first nine months of the year, we can see that the dynamism of our operations has yet to wane even as we approach the last quarter of 2013,” he added.

Revenue collections to totaled 127.3 billion pesos in September, up 20.9 per cent year-on-year, while spending amounted to 145.9 billion pesos – a 5.7 per cent increase.

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Reading Time: 1 minute

The Philippines budget position swung back to a deficit in September, as government pushed for higher spending to support the economy, the Department of Finance said Wednesday, according to GMA News.

Reading Time: 1 minute

peso2The Philippines budget position swung back to a deficit in September, as government pushed for higher spending to support the economy, the Department of Finance said Wednesday, according to GMA News.

In a report, the department said government incurred an 18.6-billion pesos ($440 million) shortfall in September, down 43 per cent from a year earlier, but a reversal of the 21.9 billion pesos surplus in August.

The September budget results brought the shortfall to 101.2 billion pesos in the first nine months of the year, compared with the 144.5 pesos billion deficit ceiling on programme. Minus interest payments on its obligations, government posted a primary surplus of 10.6 billion pesos in September, or 156.9 billion pesos in January to September.

Growth on both revenue and expenditure sides marked a strong fiscal fundamentals, Finance Secretary Cesar Purisima said in a statement linked to the report.

“The September report shows an even healthier picture of government fiscal performance as our revenues posted a strong increase over last year’s collections,” Purisima said.

“Coupled with strong growth in our expenditures over the first nine months of the year, we can see that the dynamism of our operations has yet to wane even as we approach the last quarter of 2013,” he added.

Revenue collections to totaled 127.3 billion pesos in September, up 20.9 per cent year-on-year, while spending amounted to 145.9 billion pesos – a 5.7 per cent increase.

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