Gov’t posts P11.6-B budget deficit in November

Finance Secretary Cesar V. Purisima

MANILA, Philippines–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.

Based on data from the Bureau of Treasury, this brought the  January-November deficit to P127.3 bilion, an increase of 32 percent year-on-year.

Also, the amount did not even reach half (46 percent) of the P279.1-billion planned deficit ceiling for this year.

“With the solid government fiscal performance due to respectable improvements in the Aquino administration’s spending and collection, the risk of fiscal slippage—or of the deficit exceeding the program—is nearly eliminated this year,” Finance Secretary Cesar V. PUrisima said
in a statement.

In the 11 months to November, revenues reached P1.41 trillion, an increase of 13 percent year-on-year.  It is 10 percent short of the P1.56-trillion, full-year target.

Further, expenses were pegged at a total of P1.54 trillion, up 14 percent year-on-year. The amount is 16 percent short of the P1.84-trillion goal for 2012 spending.