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
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
