DOF says RP to remain on track with deficit program
The Department of Finance expressed optimism that the country will remain on track with its deficit program of P250 billion or 3.2 percent of GDP (gross domestic product) this year.
For the month of June, the national government incurred a budgetary deficit of P30.2 billion, a reversal of the P800- million surplus posted during the same month last year. Total revenues for the month reached P89.6 billion while total expenditure hit P119.8 billion.
Finance Secretary Margarito Teves said the Bureau of Internal Revenue (BIR) and Bureau of Custom (BoC) are vigorously pursuing action plans to improve revenue collection despite a difficult environment. (PIA)
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