The Philippine Undersecretary of Finance stated that the Philippine government expects economic growth to accelerate to 3.8%-4.8% in 2011.
According to comprehensive foreign media reports on May 4, Philippine Undersecretary of Finance Gil Beltran stated that the Philippine government expects economic growth to accelerate to 3.8%-4.8% in 2011, which will provide room for the Philippines to reduce spending on economic stimulus programs and alleviate budget pressures.
The Philippines' economic growth rate for 2010 is projected to be 2.6%-3.6%, higher than the 0.9% growth rate in 2009.
Beltran indicated that the Philippine government's budget committee expects the fiscal deficit in 2011 to narrow compared to the 2010 target of 293.2 billion pesos (approximately 6.6 billion USD), though he did not disclose specific figures.
