H.

PUBLIC FINANCE

2004 Total 2005

INDICATOR Dec 2004 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

1. National government outstanding debt End-of-period

(million pesos) ### 3,811,954 ### ### ### ### ### ### ### ### ### ### - -
% of GNP (nominal) 73.4 73.8 72.9 71.4 80.0
% of GDP (nominal) 78.7 79.0 78.1 76.5 85.8

a. Domestic ### ### ### ### ### ### ### ### ### ### ### ###
% of GNP (nominal) 38.5 38.7 38.8 37.4 42.7
% of GDP (nominal) 41.3 41.5 41.6 40.0 45.8

b. Foreign ### 1,810,734 ### ### ### ### ### ### ### ### ### ###
% of GNP (nominal) 34.8 35.0 34.1 34.1 37.3
% of GDP (nominal) 37.4 37.5 36.5 36.5 40.0

2. National government debt service

(million pesos) 46,124 46,124.0 55,428 47,882 45,004 52,082 48,279 37,748 87,496 65,734 78,243 84,311
Interest payments 15,738 15,738.0 31,702 25,061 28,760 26,917 18,954 11,695 31,167 29,282 31,750 31,684
Principal payments 30,386 30,386.0 23,726 22,821 16,244 25,165 29,325 26,053 56,329 36,452 46,493 52,627

a. Domestic 33,423 33,423.0 36,633 18,986 25,337 41,282 39,215 28,409 69,734 25,899 46,281 55,338
Interest payments 9,402 9,402.0 19,382 11,793 14,288 19,124 17,054 9,331 19,219 15,006 16,385 22,820
Principal payments 24,021 24,021.0 17,251 7,193 11,049 22,158 22,161 19,078 50,515 10,893 29,896 32,518

b. Foreign 12,701 12,701.0 18,795 28,896 19,667 10,800 9,064 9,339 17,762 39,835 31,962 28,973
Interest payments 6,336 6,336.0 12,320 13,268 14,472 7,793 1,900 2,364 11,948 14,276 15,365 8,864
Principal payments 6,365 6,365.0 6,475 15,628 5,195 3,007 7,164 6,975 5,814 25,559 16,597 20,109

Note: Percentages are derived by dividing the indicator with the one-year GNP/GDP figures. GNP and GDP figures are as of November 2005.
Source: Bureau of Treasury.

H-1
 H. PUBLIC FINANCE (continued)

2004 Total 2005

INDICATOR Dec 2004 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

3. National government cash operations

(in million pesos)
a. Revenues 62,276 699,768 64,341 48,709 58,264 82,784 68,249 62,036 65,951 79,818 59,341 71,670 ### 61,991
1. Tax revenues 51,152 598,014 53,283 41,612 48,102 76,004 61,768 52,064 52,233 66,830 50,914 61,972 ### 54,754
% of GNP (Nominal) 10.66 11.57 10.95 13.53 11.79
% of GDP (Nominal) 11.34 12.39 11.74 14.64 12.85
a. Bureau of Internal Revenue 41,071 468,177 42,025 31,669 35,985 62,935 48,807 38,581 40,773 53,915 38,239 47,496 ### 43,108
b. Bureau of Customs 9,918 122,471 10,567 9,216 11,383 12,428 12,237 12,603 10,677 12,098 11,910 13,627 ### 11,281
c. Other offices 163 7,366 691 727 734 641 724 880 783 817 765 849 287 365
2. Non-tax revenues 11,122 101,680 11,052 7,097 10,154 6,769 6,475 9,967 13,700 12,983 8,414 9,692 7,668 7,230
3. Grants 2 74 6 - 8 11 6 5 18 5 13 6 3 7

b. Expenditures 89,113 886,825 80,843 72,260 81,677 79,445 75,879 61,790 81,012 78,067 86,998 78,734 ### 85,688
1. Equity 6 44 - - - - 50 - 10 70 60 - ### -
2. Net lending 1,465 5,690 1,083 547 2,768 (56) (2,492) 345 1,097 604 (53) (3,802) 3,583 (1,675)

c. Surplus (Deficit) (26,837) (187,057) (16,502) (23,551) (23,413) 3,339 (7,630) 246 (15,061) 1,751 (27,657) (7,064) (7,289) (23,697)

d. Financing 3,456 242,542 27,764 87,544 3,325 341 51,960 (17,737) 28,239 (14,746) 90,887 (14,606) (5,819) (1,569)
1. External (Net) 2,140 81,167 (503) 69,570 (1,933) 576 35,392 (5,666) (3,941) (24,068) 42,239 (16,395) (4,529) 1,514
2. Domestic (Net) 1,316 161,375 28,267 17,974 5,258 (235) 16,568 (12,071) 32,180 9,322 48,648 1,789 (1,290) (3,083)

e. Change-In-Cash (50,599) (19,412) 1,870 66,186 5,271 12,106 575 15,805 (10,679) (31,273) 48,394 (34,159) ### (26,083)
Budgetary (23,381) 55,485 11,262 63,993 (20,088) 3,680 44,330 (17,491) 13,178 (12,995) 63,230 (21,670) ### (25,266)
Non-Budgetary (27,218) (74,897) (9,392) 2,193 25,359 8,426 (43,755) 33,296 (23,857) (18,278) (14,836) (12,489) (9,155) (817)

Note: Percentages are derived by dividing the quarterly totals of the indicators with the quarterly GNP/GDP figures. GNP and GDP figures are as of November 2005.
Source: Bureau of Treasury.

H-2