By Karen Lema
Reuters and
ForbesThe Philippines said on Monday it had a budget deficit of 21.6 billion pesos ($449 million) in September as spending increased under government plans to spur growth to shield the economy from the global financial crisis.
The latest figures brought the government's fiscal shortfall in the first nine months to 53.4 billion pesos, Finance Secretary Margarito Teves told a news conference.
Last year, the government reported a budget deficit of 14.5 billion pesos in September and a deficit of 40 billion pesos in January to September.
The Philippines expects growth this year to brake to 4.4-4.9 percent against a previous target of 5.5 to 6.4 percent as the global credit crisis dampens demand for the country's exports.
The government has a budget deficit target of 75 billion pesos this year against a 2007 shortfall of 12.4 billion pesos.
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