Philippine March budget deficit $1.1 bln

Published: 21 Apr 2009 21:46:04 PST

MANILA, April 22 - The Philippines recorded a budget shortfall of 52.6 billion pesos ($1.1 billion ) in March, bringing the first-quarter deficit to 119.7 billion pesos, higher than targeted, Finance Secretary Margarito Teves said on Wednesday.

Manila had expected a budget deficit of 110 billion pesos for the first three months of the year.

Manila has widened its 2009 budget deficit estimate for the second time in nearly two months last week due to a slowing economy.

It now expects this year's budget deficit to reach 199.2 billion pesos, or 2.5 percent of gross domestic product from a previous estimate of 2.2 percent of GDP, with weaker revenues and higher spending to stimulate the economy.