Philippine budget deficit

Mon, 06 May 1996 | Source: AFP

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.

View JSON | Print