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Budget deficit in Philippines |
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News |
June 16, 2000
MANILA, Philippines (AP) - The Philippine government posted a budget deficit of 34.1 billion pesos (dlrs 802 million) in the five months to May, higher than the targeted 32.5 billion pesos (dlrs 765 million).
Finance Secretary Jose Pardo said there were "severe constraints" on the fiscal system due to higher U.S. interest rates, pressure on the peso and the cost of funding the military campaign against Muslim separatists in Mindanao.
Even so, the budget deficit only slightly exceeded the target in the five-month period, showing the government "kept the deficit in tight rein," Pardo said.
In May alone, the deficit totaled 20.8 billion pesos (dlrs 490 million), sharply higher than the targeted 11.2 billion pesos (dlrs 264 million).
The fighting in Mindanao escalated sharply in May following the April 23 abduction of 21 mostly foreign tourists from Malaysia by a fringe Muslim secessionist group. |