RP may hike deficit cap as it expects fewer taxes

MANILA, Philippines – The Philippines may increase its budget deficit ceiling this year, after recognizing that the global turmoil will have a deeper impact on the government’s revenue collections, the National Economic and Development Authority (NEDA) said.

The technical working group of the Development and Budget Coordinating Committee (DBCC) is looking at a P184-billion budget cap, larger than Manila’s P177.2 billion ceiling, or 2.2 percent of the country’s gross domestic product (GDP).

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