The government expects the country’s consolidated public sector position to incur a deficit of P74.3 billion for 2009, a marked turnaround from its previous projection of a P25.4-billion surplus for this year.
The latest public sector assessment takes into account the National Government’s revised budget deficit projection for 2009 of P102 billion, latest data from the Finance department showed.
The revised deficit ceiling is higher than the previous deficit projection of P60 billion for 2009.
The country’s consolidated public sector fiscal position is the combined budget deficits or surpluses of the National Government and state-owned firms. These include government-owned and controlled corporations, local government units and government financial institutions. It is closely monitored by local and foreign debt watchers as it is an indication of a country’s credit risk.
The P74.3-billion public sector deficit is -0.9 percent of gross domestic product (GDP) while the P25.4 billion surplus is 0.3 percent of GDP.
Financial institutions such as the Social Security System, Government Service Insurance System and the Philippine Health Insurance Corp. are expected to register a surplus of P50.09 billion while the Bangko Sentral ng Pilipinas (BSP) is projected to hit a surplus of P1 billion this year.
For 2008, the government expects the consolidated public sector financial position to hit a deficit of P19.9 billion, an improvement from the original projection of a P28 billion public sector deficit for last year.
The government has been trying to impose prudent spending and financial discipline on state-owned agencies to improve the country’s fiscal position.
In 2007, the government had a public sector surplus of P26.158 billion, sustaining the surplus in 2006 of P5.33 billion. The 2006 surplus was the first since the 1997 Asian financial crisis, swinging from a deficit of P103.54 billion in 2005.
Prior to the crisis, the public sector recorded a surplus of P7.5 billion in 1996.–Iris C. Gonzales, Philippine Star
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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