Philippine fiscal deficit in Jan-Sept hit nearly $6 bln

The Philippine government reported better than program deficit of only 259.8 billion pesos (5.97 billion U.S. dollars) in the first nine months, lower than program deficit of 273.7 billion pesos (6.30 billion U.S. dollars), the finance department reported Thursday.

Finance Secretary Cesar V. Purisima said tighter fiscal spending that allowed government to save 54.2 billion pesos (1.24 billion U.S. dollars) as interest rates fell during the period.

Revenues from the months of January to September increased 6.5 percent on year to 894.7 billion pesos (20.57 billion U.S. dollars).

In September alone, revenue generation declined 8.7 percent on year to 91.9 billion pesos (2.11 billion U.S. dollars), as the revenue, customs and treasury bureaus failed to hit their respective targets. Disbursements likewise slowed by 2.8 percent to 123.6 billion pesos (2.84 billion U.S. dollars).

Source: Xinhua