Wednesday, 4 July 2007

Gov't keeps 2007 fiscal goal despite exceeding H1 deficit target

Original article at ABS-CBN News
http://www.abs-cbnnews.com/storypage.aspx?StoryId=83435

Finance Secretary Margarito Teves said on Wednesday the national government will likely exceed its first-half budget deficit target due to a shortfall in tax collection but maintained that fiscal targets for 2007 will remain unchanged.

"The targets remain. The target collection this year for the Bureau of Internal Revenue is P730 billion, and P228 billion for the Bureau of Customs," Teves said in a briefing at Malacanang.

"The objective is to still live within the P63-billion deficit target (for 2007)," he said.

According to early estimates, Teves said there might be a P53 billion tax revenue shortfall in the first half, which might lead a bigger budget gap in the first six months.

"We're likely to breach the first-half deficit target by about P6.4 billion," he said.

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