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Philippine economy likely to slow down

The Philippines recorded a budget surplus of 25.8 billion pesos ($604 million) in April, the highest since 1986 for the month, but economists said they expected finances to deteriorate as economic growth slows and Manila hikes spending to compensate.

  • Reuters
  • Published: 00:21 May 20, 2008
  • Gulf News

Manila: The Philippines recorded a budget surplus of 25.8 billion pesos ($604 million) in April, the highest since 1986 for the month, but economists said they expected finances to deteriorate as economic growth slows and Manila hikes spending to compensate.

The government repeated on Monday it still aimed to balance the books this year and end over a decade of deficits but it admitted that global economic uncertainty weighed on that goal.

"We don't have a clear idea of the impact of the slowdown," Finance Secretary Margarito Teves said. "It's very difficult to make that assessment."

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