RP to seek $15.7-16.08b budget

RP to seek $15.7-16.08b budget

MANILA: President Gloria Arroyo is likely to seek a 2004
national budget of between 850 billion and 870 billion pesos
(15.7 billion to US$16.08 billion) from the Philippines Congress
next week, an official said on Thursday.

Budget Secretary Emilia Boncodin said the upper estimate would
take into account some $600 million in Swiss bank deposits of the
late deposed dictator Ferdinand Marcos that the Supreme Court
awarded to the government last week.

The proposed budget for 2004 would be higher than the 804
billion pesos approved for 2003.

Boncodin told reporters that the 2004 budget proposal is in
line with the government's forecast of 2004 gross domestic
product (GDP) growth of between 4.9 and 5.8 percent.

The budget deficit ceiling for 2004 has been set at 198
billion pesos or 4.2 percent of GDP, she added.

The Philippines has been struggling to keep its budget deficit
under control despite growing demands for increased government
spending to upgrade infrastructure, improve services and help
fight poverty.

The budget deficit ceiling for 2003 has been set at 202
billion pesos or about 4.6 percent of GDP. -- AFP