Gov’t sees fiscal gap in 1st half beats goal

By Ruben Hortelano

07/04/2008

The government said yesterday the budget deficit in the first half is expected to be lower than the P40.96 billion target

Finance Undersecretary Gil Beltran said the projection of a better than expected fiscal situation in the first semester was the result of indications of strong revenue flows and spendings which were kept within goal in June.

The five-month deficit was kept at only P18.8 billion, which was also below limits set by the government after the budget posted a P7 billion surplus in May.

The deficit during the first five months last year stood at P41.8 billion.

“We are likely to overperform our fiscal target in the first half,” Beltran told reporters.

Beltran said revenues for the first half was broadly on track with the goal of raising at least P561.7 billion for the period.

Public spending, which included money the government has been spending for subsidies, was kept within the target of P602.7 billion for the period.

Actual spending the the first five months stood at only P501.2 billion, he said.

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