This possibility was raised yesterday because of strong indications the Department of Finance generated surplus revenues of P5 billion for the month of December 2001.
Budget Secretary Emilia Boncodin estimates overspending by about P7 billion, but finance officials are confident there was a net surplus last December as a result of efforts to collect on a number of unspecified receivables.
"It is still possible for the National Government to overperform and incur a deficit at least P2 billion lower than target," a senior Finance official said in an interview.
The disclosure followed earlier assurances by Finance Secretary Secretary Jose Isidro Camacho it would not matter much if actual deficit in 2001 was breached by P1 billion to P2 billion.
"There are indications we even exceeded expectations in terms of the deficit in 2001," the official reiterated.
Details on overperformance in December were not disclosed but the official earlier told reporters that Internal Revenue Commissioner Rene Bañez was expected to exceed the BIR’s collection goal by at least P6 billion.
He added Camacho also generated "substantial savings from interest expense" which he refused to elaborate further. — Rocel Felix