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Philippines posts budget surplus of 1.17 bln USD in April

Xinhua, June 29, 2016 Adjust font size:

The Philippine government has posted a surplus of 55 billion pesos(1.17 billion U.S. dollars) in April on the back of strong revenue collections, a senior government official said Wednesday.

Year-to-date, the budget deficit hit 57.5 billion pesos(1.22 billion U.S. dollars), said outgoing Finance Secretary Cesar Purisima.

"Year-to-date, total revenues rose 7 percent year-on-year, amounting to 725.6 billion pesos (15.44 billion U.S. dollars), while expenditures expanded 19 percent to reach 783.1 billion pesos (16.66 billion U.S. dollars)," Purisima said.

The Finance chief said he was happy to report a "strong finish" on both the revenue and expenditure sides of the Philippines' balance shit.

"I am highly confident that the next administration's economic team has what it takes to improve and build on our gains moving forward," he said.

President-elect Rodrigo R. Duterte is to assume his post on Thursday, replacing Benigno S. Aquino III who ends his six-year term. Endit