Gov't may exceed budget ceiling this year

MANILA, Philippines - The national government expects to exceed its budget deficit ceiling this year due to lower-than-expected revenues from the Bureaus of Internal Revenue and Customs. Under the proposed national budget for 2014 submitted to Congress, the Department of Finance estimated the deficit may reach P242.16 billion by the end of 2013, higher than the revised ceiling of P238 billion. The DOF expects tax revenues this year to reach P1.604 trillion, P3 billion short of the target. Despite the increase in value, the deficit this year will remain at 2% of the country's gross domestic product. - ANC