RP budget deficit soars

RP budget deficit soars

MANILA (AFP): The Philippines' budget deficit soared to 96.8 billion pesos (US$2.42 billion) in the 10 months to October, shooting past the government's revised full-year target, the treasury bureau said Friday.

Revenues in the period totaled 398.37 billion pesos, 2.2 percent lower than target, while spending totaling 495.17 billion pesos was 0.9 percent above the target ceiling.

The government had earlier raised the budget deficit ceiling to 85.3 billion pesos from the original 68.4 billion pesos.