Gov’t posts 2-month budget gap of P31B | Inquirer Business
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Gov’t posts 2-month budget gap of P31B

Economic officials optimistic after Fitch rating upgrade

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 two-month deficit was almost six times the P5.3-billion budget gap recorded in the same period of 2012.

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January-February expenses reached P282 billion, or 14 percent of the P2.02-trillion spending program for this year. On the other hand, two-month revenues reached P250.7 billion, also 14 percent of this year’s revenue plan.

From January to February, the Bureau of Internal Revenue contributed P169.2 billion, which was 13 percent of its full-year target of P1.25 trillion. Similarly, the Bureau of Customs chipped in P47 billion or 14 percent of its P340-billion goal for 2013.

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The Treasury turned in P16.3 billion, which was just about half of the year-ago amount. Other government offices yielded P18.2 billion, rising by 13 percent year-on-year.

“(We) remain optimistic after being recently upgraded to investment grade rating by Fitch Ratings last week, the first time ever in history (and) reaffirming the Aquino administration’s programs of good governance as a basis for a sound economy,” Finance Secretary Cesar V. Purisima said in a statement.

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TAGS: budget deficit, Business, fitch rating, investment grade rating
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