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