ACTUAL DEFICIT FOR THE YEAR P18-B LOWER THAN TARGET

MANILA, December 20, 2003  (OPS) The government has succeeded in keeping down the budget deficit for the year, Presidential Spokesman Ignacio Bunye said today.

The actual deficit is lower by about P18 billion than the total target budget deficit, Bunye disclosed in a radio interview this morning.

This is a welcome development because traders and the international community are keeping a close watch on how the country manages its budget deficit, Bunye said.

The good deficit figure will boost and strengthen confidence, specially of the international community, he added.

Bunye attributed the good news to fiscal discipline with the government having been most prudent in spending.

He also cited the increases in the collections of the Bureau of Customs and the Bureau of Internal Revenue.


Reported by: Sol Jose Vanzi

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