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PIA Press Release
2007/09/04

Gov't expects to tame deficit for 2008 nat'l budget

Manila (4 September) -- By the end of this year, the Arroyo administration is expecting to tame the budget deficit and trim the debt of the country through tapped potentials.

The 2008 proposed budget is showing optimism as the country's economic growth continues to push up. Economists explain that this is based on a real GDP (Gross Domestic Product) growth of 6.1 to 6.8 percent, inflation rate of between three and four percent and a foreign exchange forecast of 46 to 48 pesos to a dollar.

Malacaņang underscores that proposed national budget of P1.227 trillion will be totally supported by internal revenues, saying, not have a single peso will be borrowed. This as the Arroyo government ushers in an era of balanced budgets and even budget surpluses.

After years of debt dependency, the government is finally operationalizing a self-supporting budget while living within its means.

Of the proposed 2008 budget, P49.4 billion is being pushed for approval for the salary increase of government employees and retired personnel payroll, premiums, and pension. This will allow the government to hire more employees and increase the pay of existing ones.

As projected, this budget will be able to hire 10,000 new teachers, 1,661 new school principals, 3,500 policemen and 500 jail guards. (PIA-MMIO) [top]

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