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Gov't firms ordered to trim deficits.
(From Philippine Daily Inquirer)
Byline: Michelle V. Remo
THE DEPARTMENT of Finance has directed government-owned and -controlled corporations to exercise fiscal discipline and begin trimming down their budget deficits, which last year resulted in the entire public sector's worst fiscal position.
In particular, the finance department wanted the GOCCs to slash their combined 2004 deficit target of more than P100 billion.
An official from the DOF said the deficit target was unacceptable because it did not reflect willingness on the part of the GOCCs to improve their fiscal standing. Although she declined to disclose the exact amount of the deficit target, the official said it was about P120 billion, or almost double the P65 billion recorded in 2003.
Should the GOCCs incur a P120-billion deficit this year, the consolidated public sector deficit (CPSD) could further worsen because these public firms accounted for the bulk of the CPSD.
The CPSD, which provides a clearer picture of the country's financial standing than the national government's budget shortfall alone, is the total deficit incurred by the ...
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