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PIA Press Release
2006/09/20

Analysis: Gov't posts budget surplus for 4th time this year

Davao City (20 September) -- The national government achieved a budget surplus of P14.3 billion in August, helped by restricted spending in the absence of a new budget and higher revenue collections, the Department of Finance said Monday.

The news, accompanied by the announcement of a wider balance of payments surplus in August, cheered financial markets. The stock market jumped 2.75 percent and the peso hovered at four-year highs against the dollar.

"We are hopeful that the strong revenue performance is sustained, so that we will continue to have resources for our social services and infrastructure requirements," Finance Secretary Margarito Teves told reporters from Singapore where he is attending the IMF/World Bank annual meetings.

The government has had surpluses in four of the last eight months, which helped narrow its cumulative budget deficit since January to 34.2 billion pesos or just 27.4 percent of the full-year target of 125 billion pesos or 2.1 percent of gross domestic product. (PIA) [top]

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