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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Philippines warns budget deficit may exceed limit AFP - Thursday, March 26 MANILA (AFP) - - A steep economic downturn could push the Philippines' 2009 budget deficit more than 40 percent above the targetted limit, Economic Planning Secretary Ralph Recto warned Wednesday. ADVERTISEMENT He said although the budget shortfall could soar to 257 billion pesos (5.3 billion dollars), or 44.4 percent above the set ceiling, the government could handle it with extra borrowing -- unless interest rates shot up abruptly. Last month the government cut its economic growth forecast to between 3.7 and 4.4 percent and raised the deficit ceiling to 178 billion pesos, or about 2.2 percent of gross domestic product (GDP) to boost spending. But speaking after a cabinet meeting chaired by President Gloria Arroyo, Recto said flagging government revenues due to the global crisis would cause the budget deficit to hit 200 billion pesos. If the government does not sell state assets to bridge the gap, "then it goes up to 230 billion pesos," he said. And in a "worst-case scenario," Recto said imports could contract by 10 percent for the year, slashing customs tax revenues and raising the deficit to 257 billion pesos. January import figures released by the government on Wednesday showed imports plunging 34.5 percent from a year earlier to 3.27 billion dollars. A realistic level would be to have a budget deficit of between 180 and 257 billion pesos, Recto added. Finance Secretary Margarito Teves said in a statement the government is keeping the old deficit ceiling "for now as we continue to monitor how the domestic economy will be affected by external developments and how this will affect our revenue collection efforts." Teves added: "We are also hopeful that Congress will support us in our proposed revenue enhancement measures to further increase revenues." Recto said all governments were spending more to fight off a steeper recession, "so we're in the same boat as everyone else." He added that the inflation and interest rate situations were in favour of increased state spending at the moment. "For as long as we can borrow (at) cheap rates then it's OK," Recto said. He said Arroyo's main concern now was "to ensure that rice prices are stable (and) if not, to bring them down. "And that will help the total economy improve as well because if inflation goes down and nominal spending is the same, then you will have higher GDP growth. 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 ICBC says Goldman to extend stake lock-up to 2010Reuters - Thursday, March 26 Durable goods orders jump 3.4 percent in FebruaryReuters - Thursday, March 26 ICBC plans to make at least $78 bln new loans in '09Reuters - Thursday, March 26 Top Chinese banks warn on outlook as profits soarAFP - Thursday, March 26 Related Articles: Business CORRECTED - CORRECTED-Hindustan Motors sees FY09 Mitsubishi car sales flatReuters - Thursday, March 26 Israel's Paz Oil suffers Q4 lossReuters - Thursday, March 26 Japan's NTT, Pacnet among bidders for PCL cable -sourceReuters - Thursday, March 26 Wall St. slides as investors reassess government bank planReuters - Wednesday, March 25 European shares slip as banks, miners turn weakerReuters - Thursday, March 26 Enlarge Photo Philippines warns budget deficit may exceed limit Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Deutsche Bank might have to cut jobs: report Red meat raises death risk, white meat lowers it Airlines face losses of $4.7 billion Tuberculosis ravages HIV/AIDS patients: WHO Scientists in possible cold fusion breakthrough View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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