10-month budget deficit swells to P266B

Full-year target of P250B breached

MANILA, Philippines – The budget deficit ballooned to P266.1 billion in the 10 months to October, overshooting the full-year target limit of P250 billion by 6.4 percent.

Finance Secretary Margarito B. Teves said the swelling continued as revenue collection remained weak due to the global economic slowdown.

“This year’s deficit is likely to reach P280 billion or even P300 billion in a worst-case scenario,” Teves said.

The finance chief earlier said overspending could reach P300 billion unless the Supreme Court decides in favor of the government regarding the ownership of the 24-percent stake in San Miguel Corp., the privatization of which is expected to yield at least P50 billion.

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