The cumulative deficit of PhP 18.6 billion for the first two months of the year was PhP 21.8 billion lower than the PhP 40.4 billion recorded in the same period last year and was only 40% of the 1st quarter deficit ceiling of PhP 45.8 billion.
A budget surplus of PhP 11.1 billion in February (from a deficit of PhP 24.9 billion a year ago) was posted due to huge privatization proceeds and controlled spending.
Total revenues for the two month period went up by 18.5% to PhP 162.3 billion (shored up by PhP 25.2 billion from the sale of the government's indirect stake in PLDT) on Feb 28.
***The national government and three state owned financial institutions also plans to sell its combined 33% stake in Meralco in the 2nd half of the year as part of the state's privatization program
reference : Philippine Daily Inquirer March 17, 2007
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