The Philippines may raise its budget deficit goal this year to up to 2.2 percent of gross domestic product or P178 billion ($3.7 billion) from 1.2 percent, Finance Secretary Margarito Teves said on Tuesday.

Teves told a congressional committee that the government was considering raising its fiscal shortfall goal this year to around 2.0-2.2 percent of GDP.

Revised targets for the budget deficit and other 2009 macroeconomic assumptions are expected to be announced on Wednesday.