Philippine budget deficit

Philippine budget deficit

MANILA (AFP): The Philippine government reported a budget
deficit of 1.6 billion pesos (US$61.5 million) in the three
months to March, Budget Secretary Salvador Enriquez said
Saturday.

Enriquez said in a statement that the shortfall was lower than
the 10.4 billion pesos deficit expected during the first quarter
because of government "underspending."

He forecast a budget surplus by the year's end on projected
increased revenue collections and 18.3 billion pesos ($704
million) expected to be gained from the sale of state assets.
Manila has targeted a 17.5-billion-peso budget surplus for 1996.