By Lawrence Agcaoili

The government is looking for additional sources of revenues as part of efforts to limit the budget deficit to 1.2 percent of the gross domestic product this year, a ranking official of the Finance Department said yesterday.

Finance Undersecretary Gil Beltran told reporters that the Finance Department was optimistic it would be able to limit the budget shortfall to P102 billion, or 1.2 percent of GDP, this year by raising more revenues.

?We are always exploring and searching for additional sources of revenues to limit the deficit at P102 billion,? said Beltran.

The Philippines expects a wider shortfall this year from about P75 billion, or 1.0 percent of the GDP last year, due to the slackening domestic economy brought about by the global financial crisis.

Budget Secretary Rolando Andaya Jr. on Monday said the budget deficit was likely to balloon to P140 billion, or 2.0 percent of the GDP this year, as part of the pump-priming efforts of the government to boost the slowing domestic economy.

The budget chief said the automation project of the Commission on Elections alone would result in a wider deficit of P114 billion.

Economic Planning Secretary Ralph Recto expects the budget shortfall to swell to P160 billion this year.

Beltran, however, said the official budget deficit cap for the year remained at P102 billion pending revisions by the Development Budget Coordination Committee.

Beltran said Finance would continue to pursue other sources of revenues to limit the budget deficit this year.

These, according to him, would include measures being undertaken by the Bureau of Internal Revenue and the Bureau of Customs to increase their collection efficiencies.