Philippine fiscal deficit hit $600 mln in Sept.

16:42, October 19, 2009      

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The fiscal deficit of the Philippine national government in September hit 27.5 billion pesos(about 600 million U.S. dollars), 27.3 percent higher from 21.6 billion pesos (about 465 million U.S. dollars) deficit posted in September 2008, as thin revenues can't keep up with the rising government expenditure, Philippine Finance Secretary Margarito Teves reported Monday.

This put the total fiscal deficit in the first nine months of the year at 237.5 billion pesos (about 5.1 billion U.S. dollars), significantly higher than the 53.4 billion pesos (about 1.1 billion U.S. dollars) deficit posted in the same period last year.

Philippine revenues in September hit 100.7 billion pesos (about2.2 billion U.S. dollars), up 12.4 percent from last year's 89.6 billion (about 1.9 billion U.S. dollars). But the slight increase in revenues can't keep with growing expenditures.

Expenditures rose 15.2 percent to 128.2 billion pesos (about 2.8 billion U.S. dollars ) in the same period as the government offered fiscal stimulus package to cushion the economy from the impact of the global recession.

Source:Xinhua
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