Philippines budget deficit widened to PHP 11.69 billion in June from PHP 7.69 billion in the prior year, official data showed Thursday.
Revenues rose at a pace of 15.1 percent, while the annual increase in expenditure came in at 17.8 percent in June.
During January to June, the fiscal deficit of the National Government totaled PHP 34.48 billion, which was PHP 74.86 billion lower than the programmed ceiling of PHP 109.34 billion. Revenues and expenditure were up 11.6 percent and 13.8 percent, respectively.
Netting out the interest payments in the expenditures, the National Government logged a primary surplus for the first six months amounting to PHP 115.53 billion.
by RTT Staff Writer
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