Creato da ADDIAM il 16/11/2009

P25-B CPS deficit seen in 08

Post n°75 pubblicato il 16 Novembre 2009 da ADDIAM

Tag: milano, musica, news, notizie, pensieri, poesia, politica, riflessioni

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By JUN VALLECERA
Business Mirror The consolidated public sector, or CPS, eyed originally as a surplus reaching P36 billion this year, should revert to a deficit totaling more than P25 billion instead.
A much more encompassing barometer of public-sector health, the CPS tracks the fiscal positions of the national government and all its agencies and instrumentalities.
"The consolidated public sector was reprogrammed to incur a deficit of around P25.6 billion this year instead of the surplus of P36 billion," Finance Undersecretary Gil Beltran told reporters.
According to Beltran, this was the scenario drawn up at the Cabinet-level Development Budget Coordination Committee after the economic managers recast their targets in which the national government should also incur a deficit of P75 billion.
He said the anticipated deficit of the National Food Authority resulting from its rice-subsidy activities this year played a key part in the broad public-sector budgetary shortfall.
The NFA was seen to incur a deficit of over P43 billion this year, or 153 percent more than its year-ago shortfall of just P17 billion.
Subsidies as a whole were seen to total at least P10.1 billion this year from last years P27.3 billion. Also seen to incur a deficit this year was the Bangko Sentral ng Pilipinas , which already "lost" P89.2 billion last year�”in transactions at the foreign- exchange market that formed part of efforts to stabilize the peso, at that time appreciating by 19 percent.
In its effort to dampen the local currencys rise, the BSP bought more or less $15 billion from the market, apart from engaging in other liquidity-sapping activities which forced it to declare losses rather than gains last year.
Nevertheless, the state-owned pension firms were seen to remain in the black and sustain their profitability that allowed them to report aggregate earnings totaling P41.73 billion last year, Beltran said.
The various government financial institutions , mainly the Development Bank of the Philippines and Land Bank of the Philippines, were similarly seen to continue to post positive results.
The GFIs reported combined earnings totaling P7.89 billion last year.