Gov't spending slumps in December

Posted at 03/07/14 2:38 PM

MANILA, Philippines - Government slumped in December, capping full-year spending growth at 6%, as the pork barrel controversy led to the abolition or suspension of various spending mechanisms.

A continued slump this year may make it tough for the economy to meet targets.

Government spending fell 6%, continuing a slowdown and decline that followed the first media reports on pork barrel corruption.

For the year, government spending was up just 6% to P1.88 trillion, about 5% below target.

Still GDP rose 6.5% in the fourth quarter and 7.2% for the year, among the fastest paces in Asia.

For the year, revenue rose 12% to P1.72 trillion, lifted by the Bureau of Internal Revenue and dragged by the Bureau of Customs. - ANC