| Jose Camacho | ||||||
News that the Philippines had exceeded its first-half budget deficit target of Ps78.26 billion ($1.55 billion) by 53% brought many optimistic investors back to reality.
At Ps119.74 billion, the first-half budget deficit is equal to 92% of the full-year target.
The shortfall casts doubt on an ambitious target of cutting the 2002 deficit to Ps130 billion (3.5% of GDP), down from 2001’s record Ps147 billion (4.6% of GDP). The deficit target is seen as crucial to reducing a debt to GDP ratio of roughly 80% and also in justifying the much touted economic credibility of Gloria Macapagal Arroyo’s administration.
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