MANILA, Philippines – The Aquino administration aims to lower the government’s debt-to-gross domestic product (GDP) ratio to 53 percent by 2013 from the projected 58 percent ratio this year.
At this level, the government’s budget deficit is projected to hit P206.4 billion or two percent of GDP, a marked improvement from the projected P325 billion deficit this year which is equivalent to 3.9 percent of the economy’s total economic output.
Finance Undersecretary Gil Beltran said that while the Aquino administration chose not to adopt the previous administration’s plan to balance the budget by 2013, it expects a significant reduction in the country’s debt-to-GDP ratio, which is closely watched by global investors.
“Even if the budget deficit is there, if you compute the debt to GDP ratio, you will see that it is going down,” said Beltran.
Further down the road, the Aquino administration expects debt-to-GDP ratio to drop to 47 percent by 2016.
Finance officials said the 2013 projections take into account the combined effects of higher economic growth and a sustained improvement in revenues.
“It will be a combination of both higher economic growth and higher revenues,” Beltran said.
The previous administration had previously planned to improve the debt-to-GDP ratio to 55.7 percent in 2009 and to 53.4 percent in 2010 but this program has been shelved as the country battled with the worldwide economic crisis.
The National Government’s debt stock in 2010 is now expected to climb to P4.833 trillion or P110 billion above the previous estimate of P4.723 trillion because of the expected increase in the budget deficit for the year, latest estimates from the Department of Finance showed.
The Aquino administration is racing against time to contain a widening budget deficit by improving tax administration. It earlier vowed that it would only slap new taxes as a last resort in raising revenues.
Instead, it committed to first address tax leaks such as smuggling and corruption. –Iris C. Gonzales (The 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!
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September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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