Gov’t sets out to trim budget gap in Q2, Q3
By Michelle V. RemoThe government hopes to trim the budget deficit in the second and third quarters of the year, before ramping up spending in the fourth quarter.
The government hopes to trim the budget deficit in the second and third quarters of the year, before ramping up spending in the fourth quarter.
The government incurred a budget deficit of P66.5 billion in the first quarter, almost double the amount registered in the same period last year, but 10 percent, or P7.4 billion, lower than planned.
The national government incurred a budget deficit of P11.7 billion in February, bringing the deficit for the first two months to P31.3 billion, which was 13 percent of the P241 billion that the government intends to spend on top of this year’s national budget, documents from the Bureau of the Treasury showed.
The national government incurred a budget deficit of P19.5 billion in January, jumping 23 percent year-on-year as a double-digit surge in expenditures outpaced that for revenues, according to documents from the Bureau of the Treasury.
The government may have posted a budget deficit of P242.8 billion in 2012, almost half of which was incurred in December amid a flurry of disbursements, according to data from the Department of Finance.
The government’s budget deficit in November reached P11.6 billion, dropping by almost half the level incurred in the same month last year.
The national government posted a budget deficit of P11.6 billion in November, decreasing by almost half the level incurred in the same month last year.
THE GOVERNMENT’S budget deficit this year is expected to be below P200 billion, lower than previously estimated and just 1.8 percent of gross domestic product (GDP).
The government reduced its budget deficit by more than half in October after it stepped up collection of taxes and import duties to boost the state’s coffers, the Department of Finance said.
The government expects this year’s budget deficit to settle at about 13 percent below the official ceiling of P279 billion.
The national government’s budget position went back to a deficit of P34.8 billion in September as revenues barely increased while expenses showed a double-digit jump.
The government is expecting a budget deficit in September after posting a surplus in August, Budget Secretary Florencio B. Abad said, citing accelerated spending during the period.
