Saturday, 24 September 2011 10:17
WASHINGTON DC – President Benigno S. Aquino III announced on Wednesday that the Philippines had a budget surplus of P9-billion for the month of August.
The President made the announcement in his speech at a meeting with the Filipino community held at the Fairfax Hotel here.
“And the good news is for the month of August, we have a budget surplus of 9 billion pesos,” the President said.
He, however, said that the reason for the surplus was because the government was underspending.
“The downside is we are very far from the program budget deficit which means that there are certain quarters in our country that say we are underspending. Okay ho ba yun? Kulang ang ginagastos nyo,” the President said.
“Kailangan gumastos tayo dahil maiipit yung paglago ng ekonomiya kung hindi natin gagastusan. Mas maganda na ho yatang problema yun,” he added.
In a separate interview, Budget Secretary Florencio Abad said that increased revenue collections were also behind the budget surplus.
“Kasi ang spending natin from January to August 2011 is bigger than the same period in 2010. So, we are continually spending well but in this instance
the increase in revenues is greater than the decrease in the improvements in spending,” Abad said. (PCOO/PIA9-BST)
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