PHILIPPINE economic managers on Tuesday revised the country’s economic growth target to a range of 5 percent to 6 percent from the earlier 2.6 percent to 3.6 percent. Finance Secretary Margarito Teves said the major drivers of expansion would be consumption, investments and exports.
He said the higher growth target would translate to an additional P30 billion and P5 billion in revenue collections by the Bureaus of Internal Revenue and of Customs, respectively. The budget deficit ceiling likewise was raised to P300 billion from the original P293 billion “since spending would increase,” Teves said.-Katrina Mennen A. Valdez, Manila Times
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