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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Philippine budget deficit to rise on more spending AP - 2 hours 7 minutes ago MANILA, Philippines - The Philippines will allow its 2009 budget deficit to rise to 1.2 percent of gross domestic product to accommodate increased public spending to stimulate the economy amid a global slowdown, the finance chief said Monday. Spending on social services and infrastructure will likely increase the deficit to 102 billion pesos ($2.55 billion) from an initial 40 billion pesos ($851 million) projection, Finance Secretary Margarito Teves said. "The emphasis now is on job creation," Teves told Manila radio station DZBB. After expanding between 4 percent and 4.6 percent last year, the Philippine economy is projected to slow down to a range between 3.7 percent to 4.7 percent this year. Teves said the government should lead the way in increasing spending because the private sector was reluctant. The government has set aside a 300 billion peso ($6.4 billion) stimulus package this year. It includes some 3,200 infrastructure projects during the first six months, which it hopes will create at least 35,000 jobs. Unlike comparable regional economies that depend on exports and services for growth, the Philippine economy is driven by consumption and could be more resilient in the face of the slowdown, said the deputy central bank governor, Diwa Guinigundo. The government has earlier set a 2008 budget deficit target of 75 billion pesos ($1.6 billion), or 1 percent of GDP. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy MONEY MARKETS-Dollar rates inch up on banking concernsReuters - 1 hour 36 minutes ago Financial bookmakers see Europe shares open higherReuters - 1 hour 42 minutes ago China to inject 1.5 billion dollars into power sector: reportAFP - 1 hour 46 minutes ago Japan's industrial output drops 8.5 percent in NovemberAFP - 1 hour 47 minutes ago Related Articles: Business Akbank to build $125 mln operations centre-reportReuters - 29 minutes ago US-BUSINESS SummaryReuters - 30 minutes ago Sasken has 70 mln rupees in receivables from Nortel-CFOReuters - 30 minutes ago Thai Tisco sees higher interest margin, Q2 bondsReuters - 31 minutes ago European index futures point to higher startReuters - 32 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Zimbabwe unveils $100 trillion banknote 'Dogs don't wear condoms,' says Baywatch star Anderson 'Overwhelming emotion' at star-studded inaugural concert Hormone drives sexy women to infidelity, says study All aboard, as Obama takes slow train to power View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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