RP on brink of renewed fiscal crisis, IBON foundation says

MANILA, Philippines - Amid MalacaƱang officials’ claims the worst of the economic crisis has passed, a militant think tank has claimed the country may just be on the brink of a renewed fiscal crisis.

IBON Foundation said its assessment was based on the country’s deficit in the first four months of 2009 reaching an alarming P111.8 billion, more than half of the full-year target.

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