RP overshoots budget deficit target

RP overshoots budget deficit target

MANILA: The Philippines overshot its calendar 2001 budget deficit target by almost 1.4 percent to hit 147.023 billion pesos (US$2.82 billion), the finance department said Friday.

Philippine officials originally expressed confidence that the government could stay within the deficit ceiling of 145 billion pesos for 2001. However earlier this month, the finance department conceded it may have missed the target.

Total revenue collections hit 563.73 billion pesos, exceeding targets by 1.1 percent but customs collections were more than 8.8 billion pesos lower than programmed because of the drop in trade volume, the finance department said in a statement.

Expenditures hit 710.75 billion pesos or 1.07 percent higher than programmed, the department said.

Despite missing the deficit target, Finance Secretary Jose Isidro Camacho was quoted as saying "we are very pleased with the deficit number for the full year 2001. This clearly indicates our ability to manage the fiscal position of government."

"This bodes well for our expectations for 2002," he added.

Manila has programmed a budget deficit of 130 billion pesos this year and hopes to attain a balanced budget by calendar 2006. -- AFP