Deficit goal difficult to achieve: Finance chief
Posted at 10/09/2009 5:51 PM | Updated as of 10/09/2009 9:30 PM
MANILA - The Philippines' 2009 budget deficit target of P250 billion ($5.38 billion) has become more difficult to attain with government revenues still weak and higher spending on relief after typhoons hit the country, the finance secretary said on Friday.
Asked if the target was still attainable, Margarito Teves told reporters: "It's increasingly difficult, but we will still try to do it."
But he said there were no plans yet to change the target.
The Philippines had a budget deficit of P210 billion for the first 8 months of the year, only P40 billion shy of its full-year fiscal gap target of P250 billion.