Philippines posts August budget surplus of 32.6b pesos

[MANILA] The Philippine government had a budget surplus of 32.6 billion pesos (S$944.4 million) in August, one of only two monthly surpluses so far this year, the Department of Finance said on Thursday.

Revenue grew 19 per cent in August, outpacing a 9 per cent rise in expenditures, it said in a statement.

That helped narrow the budget gap so far this year to 138.4 billion pesos as of end-August, against a full-year deficit ceiling of 388.9 billion pesos.

Philippine President Rodrigo Duterte has pledged to accelerate infrastructure spending during his six-year term, which began on June 30, to lift economic growth.

REUTERS