Philippine government deficit surges

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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[caption id="attachment_15167" align="alignleft" width="300"] Philippine President Benigno Aquino III[/caption] 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...

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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