MANILA, Philippines ? Stimulus spending pushed the government?s budget deficit to P67 billion in the first two months of the year, almost equal the P68.1-billion shortfall for the whole of 2008, Finance Secretary Margarito Teves said.

The government?s overspending in January and February was more than double the P23.9 billion spent in the same months last year, Teves told reportes.

The spending overshot the budget by P38 billion in January and by P29 billion in February.

?This is mainly due to accelerated spending in line with the government?s economic resiliency plan and weaker revenues on slower growth and tax relief measures,? Teves said.

?Despite [this], we are on track to meeting our preliminary programmed budget deficit of P110.1 billion for the first quarter,? he said.

Malacañang set its sight on a budget deficit of no more than P177.2 billion in 2009, mainly on account of a P330-billion economic resiliency plan to maintain economic growth amid the worsening global economic crunch.

Teves said the bulk of the amount for the 2009 budget deficit limit would register in the first half of the year because the government would frontload its stimulus spending.

He said the deficit would reach P33.7 billion in the second quarter and P33.5 billion in the third, and there would be a modest budget surplus of P182 million in the fourth quarter.

?We expect a combination of external developments more favorable to the action plan of the Bureau of Internal Revenue and the Bureau of Customs,? Teves said.

January-February government revenues totaled P159.4 billion, down 5.5 percent from P168.8 billion a year earlier.

The Bureau of Internal Revenue contributed P102.6 billion, down 4.6 percent from P107.6 billion in the same period last year. The Bureau of Customs contributed P28.3 billion, down 7.0 percent from P30 billion.

Disbursements rose 12 percent to P226.5 billion in the two months.

?We will work harder to meet our revenue targets to ensure that the government has the resources to provide for the needs of its people during these uncertain times,? Teves said. ?We really need Congress? support at this time for our proposed revenue enhancement measures which are urgently needed.? With editing by INQUIRER.net