By Joann Santiago, PNA and U.S. News Agency / Asian

The government’s total financing in the first nine months of this year rose 32.42 percent year-on-year, data from the Bureau of the Treasury (BTr) show.

Total financing as of end-September 2012 reached P266.5 billion, higher than the P201.26 billion for the same period last year.

Of the total, net domestic financing accounted for the bulk at P215.71 billion, more than four times the P50.8 billion net external financing.

For last September alone, net payment for credits extended by domestic borrowers amounted to P51.7 billion, a reversal from the P9.83 billion net redemption in the same period of 2011.

On the other hand, the government redeemed a net of P5.24 billion worth of loans from foreign fund sources, slightly lower than the P5.70 billion in September 2011.

The government’s total expenditures last September amounted to P140.16 billion, an increase of 14.1 percent from year-ago’s P122.84 billion.

Revenues also rose but at a lower rate of 0.9 percent to P105.31 billion over the P104.34 billion a year ago.

Thus, deficit for the month reached P34.85 billion, 88.4 percent higher than the P18.50 billion in September last year.

For the first nine months of this year, the deficit amounted to P106.06 billion, compared to year-ago’s P52.99 billion. This transpired after revenues rose by 10 percent and spending by 14.5 percent.

Government collections as of last September amounted to P1.12 trillion, up from the P1.02 trillion in the same period of last year.

Expenditures also rose to P1.23 trillion from P1.07 trillion at the end of the third quarter of 2011.