RP posts lower budget deficit

RP posts lower budget deficit

MANILA (AP): The Philippine government said yesterday it registered a lower-than-expected budget deficit of 12.389 billion pesos (US$326 million) in the first quarter of 1998.

National Treasurer Caridad Valdehuesa said the government had expected to post a budget deficit of 14 billion pesos ($368 million) for the period.

"This is very good news because we were able to limit our expenditures, therefore allowing us to post a smaller budget deficit," she said.

The government is targeting a budget surplus of 5 billion pesos ($131 million) for 1998 and 22 billion pesos ($578 million) for 1999.