Philippine Budget Deficit for 1st Quarter 2011

A finance official on Tuesday said the government may not reach its P112 billion deficit ceiling in the first quarter this year on account of the continued improvement in revenues.

Finance Undersecretary Gil Beltran told reporters they “always assume that we’re on target.”

“It’s possible that we’re below the target. Revenues look fine,” he said.
The Department of Finance (DOF) reported Tuesday the P21.5 billion budget deficit for February, a reversal from the P13.4 billion surplus last January, bringing the year-to-date deficit to P8.1 billion.

Revenues as of end-February this year amounted to P215.9 billion, 27.8 percent higher than year-ago’s P169 billion.

While expenditures dropped by 6.4 percent to P224 bili0n over the P239.3 billion in end-February 2010. Spending program for the first quarter this year is P431.3 billion. – source: PNA

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