The Philippine Government posted a budget deficit of 62.5 billion pesos (1.44 billion USD) in June as it increased spending to boost economic growth.
Finance Secretary Cesar Purisima said efforts to speed up disbursement in the second quarter led to such a deficit.
The country’s June expenditure rose 44 percent year on year to 201.13 billion pesos as the Government beefed up investment in public works to spur economic activities. It raised the six-month expenditure to 987.7 billion pesos, up 11 percent from a year earlier.
Meanwhile, the budget revenue in June increased by 6 percent to 138.6 billion pesos (3.19 billion USD), pushing the first-half figure up by 11.2 percent year-on-year to 933.7 billion pesos (21.54 billion USD).-VNA
Finance Secretary Cesar Purisima said efforts to speed up disbursement in the second quarter led to such a deficit.
The country’s June expenditure rose 44 percent year on year to 201.13 billion pesos as the Government beefed up investment in public works to spur economic activities. It raised the six-month expenditure to 987.7 billion pesos, up 11 percent from a year earlier.
Meanwhile, the budget revenue in June increased by 6 percent to 138.6 billion pesos (3.19 billion USD), pushing the first-half figure up by 11.2 percent year-on-year to 933.7 billion pesos (21.54 billion USD).-VNA
