December 2002
Deficit forces early showing for global bond
The Philippines
|
|
President Gloria Macapagal
Arroyo
|
On November 14 the Philippines' government announced
that it would launch a global bond deal the next day. It
wasn't what the market was expecting. Just a month earlier
national treasurer Sergio Edeza had postponed until early
2003 the $1 billion bond deal that had been expected before
the end of this year. He claimed that the country probably
wouldn't need more funding for the rest of the year and could
already finance shortfalls of up to P90 billion.
The new circumstance was yet another breach of the
republic's fiscal deficit target. President Gloria Macapagal
Arroyo's government revealed shortly before the snap call for
the bond deal that the fiscal deficit for the first three
quarters stood at P187.6 billion ($3.5 billion). The original
year-end target of P130 billion was surpassed way back in
July. The prediction now is that the fiscal shortfall could
hit P233 billion (5.6% of GDP) by the end of the
year.
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