2012 budget deficit seen hitting P242B

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 amount is 87 percent of the programmed ceiling of P279.1 billion for the year.

Preliminary DOF data showed that in December, alone, expenses over revenues reached P115.7 billion or 48 percent of the full-year figure.

According to the DOF, the final figures will be released later this week.

In December, one of the biggest expenses was the P32.3-billion kitty for quick-disbursing priority programs and projects.

The bulk of the package was a P20-billion capital infusion into the Bangko Sentral ng Pilipinas.

In 2012, revenues amounted to P1.53 trillion, which was 98 percent of the goal and 14.5 percent higher than the 2011 level.

In the same year, expenditures reached P1.78 trillion, which was 97 percent of the program and 16.8 percent higher than the previous year. Ronnel W. Domingo