Balanced budget not likely by 2013
Posted by akosistella on March 22, 2010
MANILA, Philippines – The Philippines may not be able to balance the budget by 2013 as programmed because of the need to spend more following the impact of the global financial turmoil, the Development Bank of Singapore (DBS) said in its latest report on the country.
“Following the crisis, gross domestic product (GDP) growth has fallen, government outlays have risen and the government isn’t likely to balance its budget by 2013,” DBS said.
The investment bank said the government is likely to spend more to pump prime the economy. It said economic growth is not enough to allow the government to cut back on spending sharply.
Click Philippine Star.