RP may cut growth targets

RP may cut growth targets

MANILA (AFP): The Philippines is considering cutting its
economic growth targets for 2000 as part of an effort to cut
spending to eventually reach a balanced budget in the coming
years, Finance Secretary Edgardo Espiritu said here Thursday.

Espiritu said gross national product targets could be brought
down to 4.5 percent from as much as 5.5 percent.

The proposal for lowering the growth rate will be put forward
in a meeting with an International Monetary Fund (IMF) mission
which is in the country to look into the government's revenue
performance.

Espiritu said he would offer to "adjust the GNP and GDP (gross
domestic product) targets for the next year," even if this meant
reducing government spending

The Philippines had previously targeted GDP growth for 2000 at
about 4.0 to 5.0 percent. It was not stated how this target would
be reset.