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Ralated Stories

August 22, 2008
Philippines growth to stay below 5.2% in Q2

August 20, 2008
Philippines’ July budget deficit soars

August 19, 2008
Philippines slashes growth forecast on inflation worries

August 11, 2008
Philippines’ central bank sees measures bear fruit

August 8, 2008
Philippines’ end-July reserves close to forecast

August 6, 2008
Philippine inflation soars to almost 17-yr high

July 30, 2008
Philippines: Govt to propose $32bn in spending for 2009

May 30, 2008
Q1 growth falls to 5.2%



August 26, 2008

Philippines: Govt seeks $31bn for 2009 budget
The Philippine government will ask Congress to approve a 1.415 trillion pesos ($31 billion) budget for next year which assumes a budget deficit of 40 billion pesos, Reuters quoted a senior government official as saying Tuesday.

Budget Undersecretary Laura Pascua told Reuters the proposed budget, up 15.4 percent from this year, will be submitted to Congress on Wednesday.

The 2009 proposed budget assumed the economy would expand 6.1-7.1 percent next year and that annual inflation would slow to 6-8 percent.

The Southeast Asian country's economy expanded by 7.2 percent in 2007, a 31-year record, but it is expected to slow to 5.5-6.4 percent growth this year due to soaring inflation which hit a near 17-year high of 12.2 percent in July.

In May, the Philippines abandoned its goal of balancing the budget this year to spend more on various subsidies aimed at helping weaker sections of society cope with rising inflation.

The government now expects a budget deficit of around 40 to 75 billion pesos this year compared with last year's shortfall of 12.4 billion pesos and it has put off balancing the budget until 2010.

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