MANILA, Philippines – (UPDATE) The government said Monday it had a budget deficit of P21.6 billion ($449 million) in September as spending increased under government plans to spur growth to shield the economy from the global financial crisis.
The latest figures brought the government's fiscal shortfall in the first nine months to P53.4 billion, Finance Secretary Margarito Teves told a news conference.
Last year, the government reported a budget deficit of P14.5 billion in September and a deficit of P40 billion in January to September.
The Philippines expects growth this year to brake to 4.4-4.9 percent against a previous target of 5.5 to 6.4 percent as the global credit crisis dampens demand for the country's exports.
The government has a budget deficit target of P75 billion this year against a 2007 shortfall of P12.4 billion.
Teves said the sale of the government's stake in oil refiner Petron Corp. would help keep the budget deficit within its P75-billion target this year.
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