The Philippine budget deficit in the first 10 months of 2012 more than doubled from a year before as government spending picked up.
Data released by the Bureau of Treasury on Thursday, November 29, showed the deficit amounted to P115.736 billion in January to October, up 55.9% from P74.251 billion in the same months last year. Financial YearThe increase came after government spent P1.369.003 trillion in the economy, 15% higher than the 2011 comparative figure. Budget DeficitFinance Secretary Cesar Purisima said the Aquino administration was able to contain the deficit despite accelerated spending due to higher revenue collections by the country's main tax bureaus.Total revenue collections in the first 10 months jumped 12% to P1.253.267 trillion from P1.121.027 trillion last year.The Bureau of Internal Revenue (BIR), which accounts for 70% of state revenues, generated P858.573 billion, up 13.5% from P756.764 billion last year. The Bureau of Customs, the government's second-largest revenue source, collected P240.690 billion, 10.6% more than last year's P217.45 billion."This resilient performance from both sides (revenues and expenditures) of the national ledger greatly reduces the risk of fiscal slippage by year-end, as it is well within the full-year deficit program," noted Purisima.
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