RP reports budget surplus

RP reports budget surplus

MANILA (AFP): The Philippines reported a budget surplus of
15.44 billion pesos (US$643 million) for the first 10 months of
this year, the finance department said yesterday.

The department had predicted a deficit of 4.81 billion pesos.
A department statement attributed the surplus to "tight cash
management, as well as to intensified collections."

The department also had lower-than-expected disbursements due
to a decline in interest payments on debts and advances to
government-controlled corporations.

Revenues from January 1 to October 22 totaled 264.19 billion
pesos ($11 billion), while expenditures amounted to 248.76
billion pesos.

Revenues were higher by 9.44 billion pesos than the original
target for the period, while expenses were 10.81 billion pesos
lower than forecast.

The huge savings was largely due to the appreciation of the
peso against the U.S. dollar by nearly 15 percent since early
this year, as well as to lower interest rates on government
securities. Those rates have dropped by over 40 percent since
December.