Manila records surplus<\/p>\n
MANILA (AFP): The Philippines had a public-sector surplus of
\nfive billion pesos (US$208 million) in the 10 months to October
\non the back of improved revenue collection and lower interest
\nrates, the finance department said yesterday.<\/p>\n
It was the first time that Manila attained a surplus since
\n1985, when it began monitoring the fiscal position of the
\nnational government as well as state-run agencies, funds and
\ncorporations.<\/p>\n
The surplus wiped out a 1.3-billion-peso consolidated public
\nsector deficit recorded in the nine months to September.<\/p>\n
The Philippines has promised its international creditors that
\nit will maintain the shortfall at one percent of gross national
\nproduct.<\/p>\n
Officials credited the surplus to the improved fiscal position
\nof the national government boosted by non-tax revenues such as
\nfees, income from investments and proceeds from the sale of state
\ninterests in major firms.<\/p>\n
The Bureau of Internal Revenue also reported higher
\ncollections despite the deferment of the implementation of a
\nvalue-added tax law even as lower interest rates resulted in huge
\nsavings from the repayment of government securities.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/manila-records-surplus-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}