Gov’t budget shortfall up 75% to P34B in January; calamity rehab, rebuilding cited

FILE PHOTO

MANILA, Philippines—The government’s budget shortfall for the first month of 2014 rose 75 percent to P34.2 billion, an indication of the government’s increased spending for reconstruction and rehabilitation in the wake of recent natural disasters.

This deficit was higher than the P14.7 billion recorded in the same month in 2013.

Netting out interest payments, the government reverses this deficit and posts a primary surplus of P22.2 billion in January.

“The Philippines’ fiscal performance figures in recent years are a manifestation of restored normalcy in meeting the expectations of the Development Budget Coordination Committee,” Finance Secretary Cesar Purisima said in a statement.

RELATED STORY
IMF raises PH growth forecast to 6.5%