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.