RP posts P28.67-billion consolidated public surplus

MANILA, Philippines – The country posted a consolidated public sector surplus of P28.67 billion in 2008 or 0.4 percent of gross domestic product, (GDP), marking the third consecutive yearly surplus for the public sector, latest data from the Department of Finance (DOF) showed.

The P28.6 billion surplus is P7.326 billion higher than the P21.347 billion surplus posted in 2007, data from the DOF also showed.

The DOF attributed the significant increase in the public sector surplus to healthier finances of government-owned and controlled corporations (GOCCs), other state-owned agencies and local government units even in the wake of the global financial turmoil.

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