Philippine Budget Deficit Swells to 760 Mln PesosPhilippine budget deficit swelled by 1 billion pesos (20 million US dollars) to 38 billion pesos (760 million dollars) for the first four months of the year 2001.National Treasurer Sergio Edeza noted that the deficiency in the budget for the first quarter of the year was 37 billion pesos (740 million dollars), the ABS-CBN news channel reported. Edeza said a shortfall in tax collection resulted in the widened gap. The Gloria Macapagal-Arroyo's administration inherited a high budget deficit of 136 billion pesos (2.72 billion dollars) from the two-year regime of ousted President Joseph Estrada. The government vowed to ease the budget deficit burden by curbing expenses and improving revenue collection. Arroyo was sworn in to office on January 20 when a military-backed popular uprising toppled the corruption-tainted Estrada. |
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