Philippine budget deficit hits $1.59bn in June

The Philippine government has posted a budget deficit of 72.7 billion pesos (1.59 billion U.S. dollars) in June, surpassing a deficit of 62.5 billion pesos a year ago, the Department of Finance said Thursday.

The government generated total revenues of 163.6 billion pesos for the month, 18 percent higher from a year ago level, while expenditures amounted to 236.2 billion pesos, expanding 17 percent compared to June last year.

Total revenues for the first six months to June breached the trillion-peso mark at 1.09 trillion, growing by 16 percent compared to year ago figures.

For the first semester, total disbursements hit 1.07 trillion pesos, reflecting an increase of 9 percent from June last year.

From January to June, a surplus of 13.7 billion pesos was recorded.