State firms, local governments and social security institutions (SSIs) helped trim the financial deficit of the entire public sector to P27.5 billion in the first nine months of 2012, according to the Department of Finance.
DOF data showed that the amount was 0.4 percent of the country’s gross domestic product, or the total value of domestic output.
Also, the consolidated public sector deficit (CSPD) was just about 21 percent of the programmed amount of P131.1 billion, which is 1.6 percent of GDP.
The entire public sector refers to the national government, local government units (LGUs), government financial institutions (GFIs), SSIs and state-run firms.
The DOF said in a statement that the CSPD remained low despite the significant increase in government spending.
The DOF attributed this to the strong performance of SSIs, local government units and government-owned and -controlled corporations—all of which accounted for higher surpluses than programmed.
As of September last year, the 14 monitored GOCCs posted an aggregate surplus of P9.6 billion.
Government economic managers expected the GOCCs to incur losses during the period. The officials hoped to keep the losses below P15 billion.