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Philippine gov't budget shortfall up 75% in January
Publication Date : 28-03-2014
The Philippine government’s budget shortfall for the first month of 2014 rose by 75 per cent to 34.2 billion pesos (US$761 million), an indication of the government’s increased spending for reconstruction and rehabilitation in the wake of recent natural disasters.
This deficit was higher than the 14.7 billion pesos ($327 million) recorded in the same month in 2013.
Netting out interest payments, the government reverses this deficit and posts a primary surplus of 22.2 billion pesos($489.6 million) in January.
“The Philippines’ fiscal performance figures in recent years are a manifestation of restored normalcy in meeting the expectations of the Development Budget Coordination Committee,” Finance Secretary Cesar Purisima said in a statement.