Bloomberg News

Philippine Nine-Month Deficit ‘Way Below Program,’ Purisima Says

October 24, 2011

Oct. 24 (Bloomberg) -- The Philippines’ budget deficit in the first nine months was “way below program” even after the government incurred a shortfall in September, Finance Secretary Cesar Purisima said today in Manila, without providing details.

“September was a good month for spending and revenue,” Purisima told reporters. The government seeks to deepen the capital market and is working with the nation’s bourse to expand public participation, he said. The government last month reported a budget deficit of 34.5 billion pesos in the first eight months or about 15 percent of the level a year earlier.

To contact the reporter on this story: Max Estayo in Manila at mestayo@bloomberg.net

To contact the editor responsible for this story: Clarissa Batino at cbatino@bloomberg.net


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