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MANILA, Jan 23 (AFP): Higher revenues and cost-cutting measures allowed the Philippines government to trim its 2005 budget deficit to 146.5 billion pesos (2.77 billion dollars), Finance Secretary Margarito Teves said today.
The figure was much lower than the official target of 180 billion pesos and an actual deficit of 187.1 billion pesos in 2004, he told a news conference.
Manila's revenues rose to 795.7 billion pesos, more than the target of 783.2 billion pesos.
President Gloria Arroyo's government, which got Congress to pass several key tax laws over the past two years, spent 942.2 billion pesos.
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