Revenue jump helps PH trim 2013 deficit-A A +A
Saturday, March 8, 2014
MANILA—The Philippines posted a lower budget gap of P164.1 billion in 2013 from P242.8 billion the year before, after revenues posted a big jump compared to expenditures.
Data released by the Department of Finance (DOF) Friday showed that the deficit last year was lower by P73.9 billion than the P238 billion ceiling or 31 percent lower year-on-year.
Finance Secretary Cesar Purisima, in a statement, said the budget deficit last year amounted to about 1.4 percent of gross domestic product (GDP), within the government’s target to limit it within two percent.
“The containment of this deficit is driven mainly by the 0.4-percentage point improvement of the country’s tax-to-GDP ratio to 13.3 percent from 12.9 percent in the previous year,” he said.
Revenues last year reached P1.72 trillion, 12 percent higher than a year ago’s P1.53 billion but below the P1.74- trillion goal. (PNA)
Published in the Sun.Star Cebu newspaper on March 09, 2014.