PH budget deficit hits P53-B in July
MANILA, Philippines - The national government posted a budget deficit of P53.22 billion in July, bringing the year-to-date deficit to P104.5 billion, amid higher government spending.
The 7-month deficit of P104.5 billion is in line with the government program of P144 billion for the first three quarters of the year.
Revenues in July alone reached P144.62 billion, 17.3% higher than a year ago on improved collections from the Bureau of Internal Revenue and the Bureau of Customs. Revenues from January to July totalled P984.09 billion, 11.3% higher than the same period in 2012.
Government expenditures jumped 21.7% to P197.84 billion for July. For the January to July period, total disbursements reached P1.08 trillion, 13.6% higher than a year ago.
In a statement, Finance Secretary Cesar Purisima said the increased pace of expenditures was an encouraging sign for government operations.
"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," Purisima said.
Netting out interest payments, the government was able to achieve a primary surplus amounting to P0.29 billion as of July despite higher disbursements, bringing the year-to-date surplus to P106.13 billion.