27	NATIONAL GOVERNMENT CASH OPERATIONS
	for periods indicated
	in million pesos
							2005	2006	2007	r	2008 p							Jan-Apr
											Jan		Feb	Mar		Apr		2007		2008	p
I.	Revenues						816,159	979,638	1,136,560		86,991		81,762	84,763		122,030		338,458		375,546
		Annual Growth Rate (%)					15.5	20.0	16.0		19.7		-8.8	13.0		20.6		12.8		11.0
		A.	Tax Revenues				705,615	859,857	932,937		72,117		67,303	78,354	r	113,999		279,800		331,773
				Tax Effort			12.0	13.1	12.8					11.7				11.3	a	11.7	b
		B.	Non-tax Revenues				110,544	119,781	203,623		14,874		14,459	6,409	r	8,031		58,658		43,773
II.	Expenditures						962,937	1,044,429	1,149,001		100,926		100,760	103,389		96,268		378,474		401,343
		Annual Growth Rate (%)					7.7	8.5	10.0		-1.4		28.3	-4.6		7.9		8.1		6.0
	of which:		of which:
			A.	Interest Payments			299,807	310,108	267,800		30,048		39,871	30,323		18,730		109,119		118,972
				1.	Domestic		190,352	197,263	157,220		15,117		25,379	16,859		13,521		54,174		70,876
				2.	Foreign		109,455	112,845	110,580		14,931		14,492	13,464		5,209		54,945		48,096
			B.	Net Lending & Equity			1,897	3,692	13,479		667		511	1,090		436		2,508		2,704
III.	Surplus/Deficit (-)						-146,778	-64,791	-12,441		-13,935		-18,998	-18,626		25,762		-40,016		-25,797
		Ratio to GNP					-2.5	-1.0	-0.2					-2.8				-3.1	a	-2.8	b
IV.	Financing						235,992	110,121	99,108		27,927		-37,231	22,624		-1,296		61,218		12,024
		A.	Net Domestic Borrowings				143,327	-10,633	42,946		29,523		-51,810	26,219		13,962		-13,898		17,894
				Gross Domestic Borrowings			396,819	370,306	326,963		39,057		37,678	53,344		30,220		159,643		160,299
				Less:  Amortizations			253,492	380,939	284,017		9,534		89,488	27,125		16,258		173,541		142,405
		B.	Net External Borrowings				92,665	120,754	56,162		-1,596		14,579	-3,595		-15,258		75,116		-5,870
				Gross External Borrowings			218,317	284,081	118,414		606		20,830	921		17,083		93,316		39,440
				Less:  Amortizations			125,652	163,327	62,252		2,202		6,251	4,516		32,341		18,200		45,310
V.	Change in Cash:  Deposit/Withdrawal (-)						22,329	6,063	106,951		29,174	r	-37,001	758	r	14,712		23,821		7,643
		A.	Budgetary				89,214	45,330	86,667		13,992		-56,229	3,998		24,466		21,202		-13,773
		B.	Non-Budgetary Accounts  1				-66,885	-39,267	20,284		15,182	r	19,228	-3,240	r	-9,754		2,619		21,416
1	Refers to accounts not included in the NG budget, e.g., sale, purchase or redemption of government securities, but included in the cash operations
	report to show the complete relations   in the movements of the cash accounts.
a	For the first quarter, 2007
b	For the first quarter, 2008
c	For the first nine months, 2007
d	For the whole year, 2007
r	revised
p	preliminary
n.a.	not available
	Source : Bureau of the Treasury