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MANILA, Philippines – The Department of Budget and Management (DBM) disclosed that the budget deficit in 2012 was likely lower than the 2.6% of Gross Domestic Product (GDP) target set by the government.
DBM Secretary Florencio Abad said on the sidelines of the Philippine Development Forum in Davao late Monday, February 4, that the government’s deficit was around 2% to 2.3% of GDP in 2012.
“It could hover anywhere within 2% to 2.3% of GDP. Not 2.6%. It is closer to 2.3%,” Abad told reporters.
The Department of Finance hopes to announce the 2012 budget deficit figures at the Philippine Economic Briefing on February 15.
As of end-November 2012, the deficit stood at P127.3 billion. This is still below the ceiling of P279.1 billion or 2.6% of GDP.
In 2011, the government also did not hit the ceiling of P300 billion. The budget gap settled at P197.8 billion or 2% of GDP due to government underspending. – with reports from Cai Ordinario/Rappler.com
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