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PHILIPPINE fiscal performance and revenue collections in the first
two months of the year showed improvement from last year’s record,
the Department of Finance announced Friday.
Finance Secretary Margarito B. Teves said
preliminary indications showed that the government budget improved
in January to February this year from a P11.1-billion deficit in the
same period a year ago.
“Compared to last year, its better because
last year we had a very difficult, and unfortunate performance. But
still, this is preliminary,” Teves told reporters at the sidelines
of Chamber of Thrift Banks Annual Convention held in Makati City.
Along with the improved fiscal condition, Teves
also said tax and tariff collections of the Internal Revenue and
Customs bureaus improved during the period.
“Collections are both ahead of last year for
both tax and tariff,” he said.
In January last year, the government posted a
P29.7-billion deficit. Tax revenues at end-February last year were
P55.4 billion.
This year, the government aims for a balanced
budget after posting a P9.4-billion budget gap.
In line with the programmed balanced-budget,
Teves said the finance department has to focus on the BIR and
BOC’s revenue collection, which posted shortfalls in 2007.
United Kingdom-based Standard Chartered Bank
earlier said balancing the budget this year becomes more challenging
as the Philippine economy is seen to slow sharply and overseas
Filipino remittances to moderate.
It said a no-budget gap scenario this year may
be impossible as it expects that the dollar will correct in the
second and third quarters. The bank has already reduced the peso
from overweight to neutral.
The finance chief, meanwhile, said the
government is sticking with the programmed no- budget gap scenario
despite the possible slowdown in the US economy.
Teves said to counter the possible recession,
government will front load its expenditure programmed in the first
months of the year and has set aside P200 billion to fund
infrastructure projects.
Budget Secretary Rolando G. Andaya Jr. earlier
said the government plans to allot 60 percent of the P113-billion
capital outlays for economic stimulus in January to March this year
amid fears of global economic slowdown.
The total capital outlays this year is higher
than last year’s P92.6 billion, Andaya said.
This year the national government has programmed
a P1.23 trillion budget, but this has yet to be signed by the
president.
-- Chino S. Leyco
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