9-month deficit below gov't program
MANILA, Philippines – The Philippines recorded a budget deficit of P18.6 billion in September, bringing the total for the first 9 months of 2013 to P101.2 billion, below the government's program.
The deficit fell below ceiling as the government missed its revenue and expenditure targets.
The January to September deficit was 3% lower than the deficit recorded during the same period of 2012, and 30% below the P144.5 billion ceiling set by government, the Department of Finance said in a statement on Wednesday, October 30.
The government records a deficit when its expenditures surpass the revenues it collects. It funds this deficit through borrowings.
The Aquino government has been aiming to accelerate spending to sustain the country's high economic growth.
Revenues collected by the country's tax agencies rose 13% in the 9-month period to P1.267 trillion from P1.119 trillion in the same period of 2012.
Government spending, on the other hand, grew 12% to P1.368 trillion from P1.223 trillion.
Both revenues and expenditures were below targets, however. The government aimed to collect P1.295 trillion revenues for the first 9 months, and targeted to spend P1.44 trillion in the economy. – Rappler.com