First-half deficit of P51-B below program

MANILA, Philippines – The Philippines recorded a budget deficit of P8.5 billion in June, bringing the total for the first half of 2013 to P51.3 billion, below the government’s program.

The deficit fell below ceiling as the government missed its revenue and expenditure targets.

The January to June deficit was 49.2% higher than the deficit recorded during the same period of 2012, but 39% below the P84.7 billion ceiling set by government, the Department of Finance said in a statement. The deficit in June alone was down 27.4% from last year’s, and 63% lower than the P22.7 billion programmed for the month.

Revenues collected by the country’s tax agencies rose 10.3% in the first half to P839.464 billion from P760.921 billion in the same period of 2012.

Government expenditures, on the other hand, grew by a faster 12% to P890.754 billion from P795.304 billion last year.

Both revenues and expenditures were below targets, however. The government aimed to collect P861.042 billion revenues for the first half, and targeted to spend P945.698 billion in the economy. – Rappler.com