MANILA, Nov. 18 (Xinhua) -- The fiscal deficit of the Philippine national government in October hit 28.5 billion pesos (612 million U.S. dollars), significantly higher than the 9 billion pesos (193 million U.S. dollars) deficit posted in October 2008 as dwindling revenues can not keep up with rising government expenditure, Philippine Finance Secretary Margarito Teves said Wednesday.

    This put the total fiscal deficit in the first ten months of the year at 266.1 billion pesos (5.7 billion U.S. dollars), more than four times larger than the year ago level.

    Philippine revenues in the months of January to October of the year declined 4.8 percent on year to 925.4 billion pesos (19.9 billion U.S. dollars). The slowing economy and the sharp drop in exports reduced collection of taxes and import duties.

    Expenditures rose 15.2 percent to 1.191 trillion pesos (25.5 billion U.S. dollars) in the same period as the government offered fiscal stimulus package to cushion the economy from the impact of the global recession.

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