PHL budget deficit hits P42.8B in first five mos. — Natl Treasurer

The government posted a deficit as of May, according to the National Treasurer. 

 

"Running through May, deficit stands at P42.8 billion which is about 18 percent of the yearly target of P238 billion," National Treasurer Rosalia de Leon said in a speech before the Philippine Financial Market Forum hosted by The Asset and Financial Executives of the Philippines. 

 

Last April, the government posted a budget surplus of P36.803 billion on account of the tax payment season. 

 

The January to April deficit was P29.7 billion. This means that the government swung back to a deficit of P13.1 billion in May.

 

De Leon did not give more specific numbers to reporters, saying the data was "preliminary."

 

Removing interest payments, it would hit a surplus of P95.8 billion during the same period. 

 

For 2013, government set a deficit cap of P238 billion, equivalent to 2 percent of gross domestic product (GDP). It posted a fiscal gap of P242.8 billion or 2.3 percent of GDP last year. — VS, GMA News