Saturday, July 10, 2010

Aquino gov't raises 2011 growth target

MANILA, Philippines - The new Philippine government on Friday said it would retain the previous administration's target of 5 to 6 percent growth for the current year and raised next year's target range to 7 to 8 percent.

The government said the budget deficit in 2010 would be 325 billion pesos ($7 billion), a record in nominal terms, up from an earlier estimate of about 300 billion pesos and equivalent to 3.9 percent of GDP.

It maintained this year and next year's inflation targets of 3.5 to 5.5 percent and 3 to 5 percent, respectively.

The government of President Benigno Aquino III took office on June 30.

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