MANILA - The Philippines said on Wednesday it is keeping its budget deficit target of P233.4 billion ($5 billion), or 2.8% of gross domestic product (GDP), for next year despite higher spending for typhoon reconstruction.

"So far, yes," Finance Secretary Margarito Teves told reporters when asked if the government was sticking to its 2010 budget deficit goal. Last week, Teves said the 2010 fiscal shortfall target may be raised.

The government had overshot its record 2009 deficit target of P250 billion just 10 months into the year on weak revenue collection and analysts said it may hit P300 billion, or 3.8% of GDP.