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DOF: Balanced budget before '09 'unrealistic'.
(From Philippine Daily Inquirer)
Byline: Michelle V. Remo
THE DEPARTMENT of Finance is not inclined to change its target of wiping out the national government's budget deficit by 2009, saying proposals to hasten the consolidation of the budget was unrealistic because of the still relatively weak revenue collection.
The DOF said balancing the budget earlier than 2009 would be too ambitious and would mean drastic cuts in expenditures, which are already currently tight.
Finance Secretary Juanita Amatong said moving the goal to an earlier date could only be achieved if Congress would approve all the proposed revenue-raising measures being pushed by the Arroyo administration. The measures, which include hike in several taxes and cut in fiscal incentives, are expected to yield P80 billion in additional revenue a year.
The budget deficit is expected to stand at or below P197.8 billion this year. For the first 10 months of the year, the deficit hit P147.726 billion. This was a result of the P576.971 billion worth of revenue collections and P724.697 billion in government expenditures.
Earlier, Rep. Herminio Teves, vice chair of the House committee on ways and means, said the government should ...
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