Philippines likely to keep 2004 budget deficit below ceiling
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The Philippines is likely to keep well within the 2004 budget and consolidated public sector deficittargets due to improved revenue flows and increased electricity tariffs, officials said Friday.
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It promises an end to deficits and a smaller bite from defense spending by 2012, but some analysts question such forecasts.
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The year 2004 was definitely a banner year for President Arroyo, who got a fresh mandate from the Filipino electorate to claim the highest position in the land.
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President George W. Bush will acknowledge on Monday that a slowing U.S. economy will lead to a higher budget deficit this year and next, as he unveils a $3 trillion fiscal 2009 spending plan that would boost military funding but nearly freeze many domestic programs.
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President Gloria Arroyo acknowledged for the first time Monday that the Philippines was now in a &quot;fiscal crisis&quot;, as economists warned of an Argentinian-type debt default within the next three years.
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Philippine President Gloria Arroyo said the country would not default on its debt repayments even if the country were in the midst of a fiscal crisis.
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âOur advice is rather than having a straight line reduction [of debts], [the Philippine government should] try to achieve it earlier.
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Socioeconomic Planning Secretary Romulo Neri on Tuesday said the Philippines is far from declaring default on its debts. &quot;We are not yet in that situation (bankruptcy),&quot; Neri told dzMM when asked if the Philippines
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MALAYBALAY CITY -- Killings of journalists have placed the Philippines near the bottom of the third annual worldwide index of press freedom repared by Reporters Without Borders (Reporters sans frontieres), an unsavory reputation shared by many other Asian
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The government's expenditure for 2004 was Lm1 million less than projected, the Prime Minister and Leader of the Nationalist Party (PN) Lawrence Gonzi said.
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The government wants the International Monetary Fund (IMF) to relax its strict fiscal policies to give countries like the Philippines greater access to loans and investments.
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MANILA (Dow Jones)--Investors wary of inflation and the specter of higher interest rates sold down Philippine assets Tuesday, a day after President Gloria Macapagal Arroyo spooked markets by saying the country is in a &quot;fiscal crisis.
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WASHINGTON - The federal deficit will swell to a record $422 billion this election year but fall short of even more dire forecasts, Congress' top budget analysts projected Tuesday in a report that became instant fodder for both political parties.    The nonpartisan Congressional Budget Office said the shortfall would shrink to $348 billion next year - still the third worst ever in dollar terms...
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MANILA : Economic growth prospects in the Philippines this year remain on track despite rising oil prices and a volatile peso as long as the government fixes its fiscal woes, President Gloria Arroyo has said.
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Even though the Congressional Budget Office&#39;s (CBO) September baseline forecast reduced its projection of the 2004 federal budget deficit by more than $50 billion, it offered little hope that substantive progress would be achieved on the fiscal front any
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Congress' top budget analysts still expect the 2004 federal deficit to set a record, though a smaller one than they and the White House anticipated earlier in this election year.
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TOKYO (CBS.MW) -- Moody&#39;s Investors Service said Tuesday it has placed on review for possible downgrade the Philippines&#39; long-term foreign- and local currency ceilings and ratings due to concerns over the sustainability of the government&#39;s fiscal and debt