MANILA -- The Philippine government continues to post year-on-year improvement in its revenue collections in end-November 2014 resulting to a P 26.8 billion budget deficit to date, far lower than the P266 billion ceiling for the year.

Data released by the Department of Finance (DOF) Monday showed that total revenues in the first 11 months of the year rose 11 percent to P1.74 trillion over year-ago's P1.6 trillion.

Of the total, collections of the Bureau of Internal Revenue (BIR), which contributes about 70 percent of the government revenues, went up by nine percent to P1.22 trillion against year-ago's P1.12 trillion.

BSP phasing out old bills

MANILA -- The Bangko Sentral ng Pilipinas is phasing out old banknotes or New Design Series bills starting new year.

BSP Deputy Governor Diwa Guinigundo announced Monday that the demonetization of old banknotes will start on Jan. 1, 2015 to preserve the integrity of the Philippine peso as well as to benchmark with other countries' central banks practice of demonetizing banknotes every ten years to prevent counterfeiting.

Guinigundo said the move is in line with the provisions of Section 57 of Republic Act No. 7653, or the New Central Bank Act, that authorizes BSP to replace banknotes that are more than five years old. The NDS banknotes have been in circulation for almost three decades, he said.

PSEi closes above 7,200

MANILA -- Local share prices surged to two-week high above 7,200-mark yesterday on continued window dressing.

The barometer Philippine Stock Exchange index (PSEi) increased 44.25 points to 7,230.57 from 7,186.32 on Dec. 23.

The PSEi last hit the 7,200 territory on Dec. 15 when it closed 7,275.62.

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