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
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