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Byline: Alexis Douglas B. Romero
Weak revenues blamed on the economic slow-down, recent storms, and tax cuts swelled the budget deficit to P272.5 billion as of November, the government yesterday reported.
The full-year shortfall, however, could be less than a P300-billion worst-case scenario given dividends from state-run firms and holiday spending, officials added.
The 11-month tally pushed the deficit to P22.5 billion past the full- year cap of P250 billion. It was also over four times the P66.7 billion recorded a year ago.
The shortfall for November alone was P6.4 billion, higher than the P4.3 billion incurred a year earlier.
Finance Secretary Margarito B. Teves blamed the deficit on "weak revenues due to a combination of revenue-eroding measures, slower growth, and the impact of the recent typhoons on tax collection."
"Given our …