Gov't deficit up by 35.6%
MANILA, Philippines - The country's budget deficit ballooned to P53.22 billion in July 2013, 35.6 percent higher that the P39.25 billion posted last year, the Department of Finance (DOF) announced on Monday.
The state agency reported a 21.7-percent growth in government spending in July this year, P197.84 billion higher than the P162.56 billion posted in July 2012.
Revenues, on the other hand, was not able to keep up with the pace of state spending as it reached P144.62 billion, 17.3 percent higher than the P123.31 billion posted in the same period last year.
"Our fiscal operations for July show that our expenditures have gained momentum, indicating increased investments in priority infrastructure and social projects. With both revenues and expenditures posting double-digit increases, this marks that the Philippine government is stepping up its efforts to support our growing economy," Finance Secretary Cesar Purisima said.
The deficit jumped by 41.9 percent for the first seven months of the year, from the P73.63 billion posted in January to July 2012 to the P104.51 billion posted this year.
Revenues during the period was at P984.09 billion, while government spending was at P1.09 trillion.
The government has programmed P144.45 billion in deficit for the first three quarters of the year.
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