logo
Share SHARE
FONT-SIZE Plus   Neg

Philippine Budget Deficit Widens In Q1

Philippines' budget deficit increased from last year in the first quarter, but fell short of the government's target, data released by the Bureau of Internal Revenue showed Wednesday.

The budget deficit advanced 29.4 percent to PHP33.909 billion in the first quarter from PHP26.197 billion in the same quarter last year. The first quarter figure was significantly lower than the PHP82.808 billion deficit the government had targeted.

Revenue collection advanced 11.7 percent annually to PHP360.974 billion in the first quarter, while expenditures rose 13.1 percent to PHP394.883 billion.

In the month of March, Philippines' budget balance was a deficit of PHP28.621 billion, higher by 57.9 percent compared to March 2011. Revenue collection, and expenditures increased 7.7 percent and 15 percent respectively during the month.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Economic News

What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.

comments powered by Disqus
Follow RTT