Budget deficit seen at P293-B in 2010
MANILA, Philippines - The Philippines is expected to incur a budget deficit of P293 billion in 2010, higher than the government's initial estimate of P233.4 billion.
The amount is also slightly higher than the government's latest estimate for the shortfall this year at P290 billion.
"For 2010, we are looking at about P293 billion, but the ratio to GDP will be smaller as the economy will also be improving," Finance Secretary Margarito Teves said in a news conference on Tuesday.
"So the P293 billion represents 3.5% of GDP," he added.
Early this month, former finance chief Roberto de Ocampo said the Philippines' budget deficit is likely to hit as high as P375 billion next year due to the lingering effect of the global economic crisis and the devastation caused by recent typhoons.
"You are trying to revive the economy by continuing expenditures based on stimulus package. We also have to recover from the impact of disasters this year. Government is expected to spend more," he was earlier quoted as saying.
The Philippines recorded a budget deficit of P6.4 billion in November, bringing the shortfall for the first 11 months to a higher-than-targeted P272.5 billion. Teves has attributed the worse-than-expected deficit to revenue-eroding measures, slower growth, and the negative impact of recent typhoons.
Initially, the government set a P250-billion deficit target for 2009. With a report from Reuters
Printer-friendly version
Send to friend
Share your views
Budget Deficit
Every campaign period for the ensuing National Election, each of the presidentiables used to make it a platform of governance to solve the skyrocketing budget deficit if he or she is chosen and elected as the New President. However, we Filipinos have experienced that such was only a ploy to win our support. None of them has ever resolved the National Budget Deficit. The only probable solution is to request the American Government to withdraw the Independence He granted to the Philippines and make Philippines one of the STATES of the USA. The action of then American President Woodrow Wilson of granting Independence to the Philippines in July 4, 1946, was to determine the maturity of the Filipino minds. Now that we remain IMMATURE of governing ourselves, unable to govern within the context of authentic Democratic Form of Government, it is fitting and timely for us Filipinos to return under the full supervision, administration and control of the United States of America.
Not good
Hindi maganda ang balitang ito...asan na kaya ang pera ng mga tao?kailan kaya tayo makaka-ahon sa kahirapan...
Budget Deficit = More Loans
Year in and year out, budget deficits grows by the billions. Realistically, the only way to bridge the gap is to ask for more loans.
But the truth, the bulk of deficits comes from poor government financial and program management, which is mainly cause by corruption, ineptness and poor accountability.
The next president will have his hands full of problems.
Villar, Erap and Gibo are not the ideal presidential candidate that will address corruption and ineptness in our government.
In fact, these three will even make things WORSE for the country.
So, vote wisely.