Wednesday, October 19, 2005
Sept. budget deficit hits P27.7B, biggest for 2005
MANILA - The government experienced a budget deficit of P27.7 billion (or $496.4 million) in September, exceeding its own target by P2.7 billion, the national treasury said yesterday.
However, the September deficit was still an improvement over the P30.8-billion shortfall during the same month last year.
National Treasurer Omar Cruz said the September outcome was the biggest monthly deficit so far this year, which followed a surplus of P1.75 billion in August.
The total deficit for the nine months to September amounted to P108.5 billion, still well below the government ceiling of P145.9 billion for that period.
Revenue for September reached P59.3 billion, slightly exceeding the government target of P58.5 billion. Total revenues for the nine months to September reached P589.5 billion, exceeding the official target of P580.4 billion.
Cruz expressed optimism that the government will not exceed budget deficit ceiling of about P180 billion or 3.4 percent of gross domestic product this year.
“I think from what you can see, the momentum still looks good for the rest of the year,” Cruz told reporters. “We can easily meet our full-year deficit target.” (AFP)
(October 19, 2005 issue)
Write letter to the editor. Click here.
Join the Sun.Star message board. Click here. |
