RP may raise deficit ceiling to P178 billion

MANILA, Philippines – The government may raise its budget deficit ceiling for 2009 to P178 billion from P102 billion because of the need to spend more this year, Finance Secretary Margarito Teves said yesterday.

Teves said the revised ceiling, equivalent to 2.2 percent of gross domestic product (GDP) and 74.5 percent higher than an earlier revised target, “is manageable.”

Originally, the government had a deficit ceiling target of P40 billion for 2009.

“A deficit which is 2.2 percent of GDP is still manageable,” Teves said. [read full article...]

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