Planning chief sees budget gap at P160B

The budget deficit may reach P160 billion this year because of continuing effects of the global financial crisis, Socioeconomic Planning Secretary Ralph Recto said Monday.

“The probability that the deficit will hit two percent of gross domestic product is high,” Recto told reporters. “I’m not saying that it should be P160 billion, but it can happen. This would still be OK, as long as the economy grows faster than the debt.”

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