50	NATIONAL GOVERNMENT CASH OPERATIONS
	for periods indicated
	in million pesos
								2003	2004	2005	2006	2007	2008		2009	2010	2011 p											Jan-Sep
																	Jan	Feb	Mar	Apr		May	Jun	Jul	Aug	Sep		2010		2011	p
I.	Revenues							639,737	706,718	816,159	979,638	1,136,560	1,202,905		1,123,211	1,207,926	135,911	80,015	107,152	138,335		120,088	100,139	106,963	124,148	104,337		894,716		1,017,088
		Annual Growth Rate (%)						10.6	10.5	15.5	20.0	16.0	5.8		-6.6	7.5	47.3	4.3	10.6	11.1		9.5	8.7	3.9	15.2	13.5		6.5		13.7
		A.	Tax Revenues					550,468	604,964	705,615	859,857	932,937	1,049,179		981,631	1,093,643	96,020	72,987	96,645	126,782		111,085	89,921	96,164	111,108	90,648		807,788		891,360
				Tax Effort 1				12.1	11.8	12.4	13.7	13.5	13.6		12.2	12.1			11.9				12.7			n.a.		12.6	a	12.7	b
		B.	Non-tax Revenues					89,269	101,754	110,544	119,781	203,623	153,726		141,580	114,283	39,891	7,028	10,507	11,553		9,003	10,218	10,799	13,040	13,689		86,928		125,728
II.	Expenditures							839,605	893,775	962,937	1,044,429	1,149,001	1,271,022		1,421,743	1,522,384	122,487	101,505	125,283	112,077		129,689	107,830	133,445	114,928	122,838		1,154,504		1,070,082
		Annual Growth Rate (%)						6.4	6.5	7.7	8.5	10.0	10.6		11.9	7.1	-5.3	-7.6	-22.1	-8.0		-7.5	-14.9	-1.6	7.9	-0.6		7.2		-7.3
			of which:
			A.	Interest Payments				226,408	260,901	299,807	310,108	267,800	272,218		278,866	294,244	35,837	22,151	32,732	11,432		15,645	16,705	41,199	20,906	25,835		244,549		222,442
				1.	Domestic			147,565	169,997	190,352	197,263	157,220	170,474		164,703	175,673	17,603	12,144	21,682	4,049		13,410	12,594	20,459	13,145	15,955		141,015		131,041
				2.	Foreign			78,843	90,904	109,455	112,845	110,580	101,744		114,163	118,571	18,234	10,007	11,050	7,383		2,235	4,111	20,740	7,761	9,880		103,534		91,401
			B.	Net Lending & Equity				8,243	5,720	1,897	3,692	13,479	16,084		6,423	11,407	663	318	1,441	3,780		4,106	2,168	1,103	282	1,644		7,429		15,505
III.	Surplus/Deficit (-)							-199,868	-187,057	-146,778	-64,791	-12,441	-68,117		-298,532	-314,458	13,424	-21,490	-18,131	26,258		-9,601	-7,691	-26,482	9,220	-18,501		-259,788		-52,994
		Ratio to GDP						-4.4	-3.7	-2.6	-1.0	-0.2	-0.9		-3.7	-3.5			-1.2				-0.4			n.a.		-4.6	a	-0.4	b
IV.	Financing							286,823	242,542	235,992	110,121	99,108	160,108		229,843	351,646	-64,709	-102,965	103,661	33,287		34,410	19,625	10,274	-18,154	-5,701		309,507		9,728
		A.	Net Domestic Borrowings					142,961	161,375	143,327	-10,633	42,946	169,310		77,366	218,598	-119,158	-41,603	42,382	32,629		37,588	22,887	7,780	-23,293	-9,834		206,331		-50,622
				Gross Domestic Borrowings				290,283	383,780	396,819	370,306	326,963	429,261		321,898	489,844	-30,515	-10,428	93,099	36,949		50,981	23,542	8,480	21,069	30,141		458,401		223,318
				Less:  Amortizations				147,322	222,405	253,492	380,939	284,017	259,951		244,532	271,246	88,643	31,175	50,717	4,320		13,393	655	700	44,362	39,975		252,070		273,940
		B.	Net External Borrowings					143,862	81,167	92,665	120,754	56,162	-9,202		152,477	133,048	54,449	-61,362	61,279	658		-3,178	-3,262	2,494	5,139	4,133		103,176		60,350
				Gross External Borrowings				240,122	199,533	218,317	284,081	118,414	71,311		251,366	257,357	55,765	1,828	67,583	3,129		2,489	3,156	3,742	13,057	10,729		213,838		161,478
				Less:  Amortizations				96,260	118,366	125,652	163,327	62,252	80,513		98,889	124,309	1,316	63,190	6,304	2,471		5,667	6,418	1,248	7,918	6,596		110,662		101,128
V.	Change in Cash:  Deposit/Withdrawal (-)							25,767	-19,412	22,329	6,063	106,951	47,477		-66,027	37,166	78,836	-79,379	78,119	43.974	r	181,584	16,019	-148,369	-192,547	33,663		68,628		11,900
		A.	Budgetary					86,955	55,485	89,214	45,330	86,667	91,991		-68,689	37,188	-51,285	-124,455	85,530	59,545		24,809	11,934	-16,208	-8,934	-24,202		49,719		-43,266
		B.	Non-Budgetary Accounts  2					-61,188	-74,897	-66,885	-39,267	20,284	-44,514		2,662	-22	130,121	45,076	-7,411	-15,571	r	156,775	4,085	-132,161	-183,613	57,865		18,909		55,166
Note:  GDP-related ratios are computed based on the revised National Account series (2000=100)
1	Revised series to compute tax effort as percent of GDP (instead of GNP in the old series); to be consistent with international practice adopted by the Department of Finance (DOF)
2	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 semester, 2010
b	For the first semester, 2011
p	preliminary
r	revised
n.a.	not available
	Source : Bureau of the Treasury