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Article: Philippine Deficit Soars to 83 Mln Pesos in January-April
- Article from:
- Xinhua News Agency
- Article date:
- June 6, 2002
CopyrightCopyright 2002 Xinhua News Agency. Provided by ProQuest LLC. (Hide copyright information)
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The Philippine Department of Finance(DF) announced on Thursday
that the country's budget deficit in the first four month of 2002 hit
82.96 billion pesos (about 1.63 billion U.S. dollars), overshooting
its 1st-semester target.
The DF blamed the situation on the fact that the public
expenditures were accelerating while revenue collection performance
was weakening in April. The deficit ceiling set for the first half
was only 78.26 billion pesos (1.63 billion dollars).
The total expenditure in the period added up to 263.9 billion
pesos (5.28 billion dollars) was attributed to the practice to
advance scheduled expenditures to the first ...