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Philippines budget deficit narrows to 115.9b pesos in Jan-April
[MANILA] The Philippines posted a budget deficit of 115.9 billion pesos (S$2.95 billion) in the first four months of the year, with a double-digit increase in disbursements outpacing a rise in revenues, Finance Secretary Carlos Dominguez said on Wednesday.
He did not disclose monthly figures but Reuters calculation showed a budget surplus of 46.3 billion pesos in April. The finance department earlier reported a first-quarter deficit of 162.2 billion pesos.
Revenues in the January-April period rose 21 per cent from a year ago and were 7 per cent higher than programmed, while disbursements increased 31 per cent, he said citing figures from the Bureau of the Treasury.