RP spending deficit falls

RP spending deficit falls

MANILA (AFP): The Philippines' consolidated public-sector deficit dropped 70.6 percent over the previous year to 2.7 billion pesos (US$103.8 million) in calendar 1995, Finance Secretary Roberto de Ocampo said.

The drop was attributed to a 10.2 billion-peso ($392.3 million) fiscal surplus, profits of 5.1 billion pesos by government financial institutions and a 3.2 billion-peso profit by the Central Bank of the Philippines, he said.

The result outstripped government projections of a 7 billion- peso deficit for 1995, he added.