DOUBLE-DIGIT budget overruns were cited by the Department of Finance as a reason for the wider-than-programmed deficit totaling P196.7 billion in the first six months.

In a statement sent by e-mail on Thursday, Finance Secretary Cesar Purisima said the biggest of these excesses pertained to the 30.6-percent rise in disbursements for infrastructure and capital outlay which totaled P33 billion.

THE Philippine peso was weaker on Thursday against the US dollar after Federal Reserve chairman Ben Bernanke’s comment that the US economic outlook remained “unusually uncertain” dampened risk appetite in financial markets.

Traders also said caution prevailed ahead of the release on Friday of the results of stress tests for 91 European banks.

The peso declined to as low as 46.65 per dollar before closing at 46.495, from Wednesday’s 46.47.

CHINABANK Savings, a unit of listed China Banking Corp., is opening two more branches this month, expanding its network to 11 branches and will establish five more before end of the year.

In a statement, the two-year-old thrift bank said its San Fernando, Pampanga branch, its second provincial branch, was scheduled to open on Friday and one more branch will start operations on July 26, the McKinley Hill branch in Fort Bonifacio.

The San Fernando branch is located at KHY Trading Building San Fernando-Gapan Road San Fernando City, Pampanga. The McKinley Hill branch is at Unit B Commerce & Industry Plaza, McKinley Towncenter, Fort Bonifacio.

The bank opened three new branches in recent weeks in line with its plan to have 10 more branches in 2010.

With the opening of its San Fernando and McKinley Hill branches, half of the planned 10 branches are already operational.

“The target is to open the remaining five before the end of the year,” it said.

ChinaBank Savings is looking at further expanding in Dagupan City, Pangasinan; Lipa, Batangas; Davao, Cagayan De Oro and Bacolod.

It began operations in September 2008. From one branch in Makati City (its main brance on Ayala Avenue), it has expanded to serve more customers through its branches in Quezon City, Alabang, Kalookan, Greenhills, Cebu, Marikina, Pateros and Las Piñas.

The country’s big banks are currently restricted from establishing new branches in eight cities in Metro Manila—Makati, Mandaluyong, Manila, Parañaque, Pasay, Pasig, Quezon, and San Juan—which have been identified as already adequately served.

Parent Chinabank, which is partly owned by tycoon Henry Sy, is looking to expand its network to 300 branches by 2011. It ranked eighth biggest bank in terms of branch network as of the first quarter, with a total of 248 branches nationwide,  including ChinaBank Savings outlets.

Sy also owns Banco de Oro Unibank, the country’s biggest bank in terms of assets, loans, deposits and trust accounts.

ChinaBank Savings ended the first quarter with total deposit liabilities of P1.38 billion, and net loans and receivables of P551.8 million.