(Reuters) – The Philippines’ budget deficit could fall to 2.5 percent of GDP in 2011 if economic growth hits 7 percent, Finance Secretary Cesar Purisima said on Wednesday.
“Assuming we attain the 7 percent target… the deficit will be much lower than what was expected,” Purisima told lawmakers.
The government’s goal is to lower the deficit to 3.2 percent of GDP, or 290 billion pesos, in 2011 from an estimated 3.9 percent this year.
It has forecast growth of 7-8 percent next year.
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