ZCZC
BCN-45
PHILIPPINES-BUDGET-DEFICIT
Philippines’ budget deficit hits 1.62 bln dollars in July
MANILA, Aug. 24, 2018 (BSS/Xinhua) – The Philippines’ budget deficit hit
86.4 billion pesos (roughly 1.62 billion U.S. dollars) in July this year, up
71 percent compared to the same period of last year, according to a new
released Philippine Bureau of Treasury statement on Wednesday.
The figure showed the bureau posted its highest nominal spending for the
year in July at 328.1 billion pesos (roughly 6.16 billion U.S. dollars), or
34 percent higher than the same period of last year, while total revenues in
July reached 241.7 billion pesos (roughly 4.54 billion U.S. dollars), or 24
percent from the same period of last year.
Cumulative budget deficit for January to July amounted to 279.4 billion
pesos (roughly 5.23 billion U.S. dollars), or 74.4 billion pesos (roughly
1.39 billion U.S. dollars) more than the previous year, the bureau said.
The government expects to borrow 996 billion pesos (roughly 18.66 billion
U.S. dollars) this year to partly finance the budget.
The government is ramping up spending amid its ambitious plan to upgrade
the Philippines’ infrastructure.
BSS/XINHUA/HR/1312