Economy

THE  government posted its highest budget surplus ever in April after revenue growth continue to outpace the expenditures of the Aquino administration, latest data released by the Bureau of Treasury (BTr) showed.

The Aquino administration posted a surplus of P31.02 billion for April alone after collections grew by about 11 percent compared with the previous year, while expenditures increased by only 9 percent, data showed.

THE Galoc oil field in offshore Palawan might end up producing more oil than expected due to better than expected reservoir performance to date and an extension of field life due to higher prevailing oil prices. 

A recent survey by Resource Investment Strategy Consultant (RISC), an independent consulting firm, disclosed to the Australian Stock Exchange by  Otto Energy Ltd. that the economic ultimate recovery (EUR) for Galoc oil field increased by 19.7 percent on a proven (1P) basis, and 3.5 percent on a proven and probable (2P) basis. 

The energy chief said in an interview that they forecast the Mindanao grid to have a 200-megawatt (MW) shortfall by next year.