Budget deficit expected to reach around 2.3% of GDP in 2012.

By bne IntelliNews February 5, 2013
Philippines government's budget deficit is expected to be around 2.3% of the gross domestic product (GDP) for last year, as compared to its target of 2.6% of the GDP. As reported by Reuters News, the Budget Secretary Florencio Abad stated that the government wants to reduce its budget deficit to 2.0% of the GDP during the period, assisted by elevated revenues from a revised tax structure on alcohol and tobacco products.

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