Philippines Economy Spending

Prudent spending and belt tightening measures helped the Aquino administration meet its deficit target for 2010.

In an interview after giving cash awards to the wounded soldiers confined at the V. Luna Hospital, President Benigno S. Aquino III said the country would experience a budget surplus, “the third and probably the best this year.”

The President said that the National Economic Development Authority (Neda) board met Monday to review projects proposed for implementation in the coming months.

“I asked for the specifics of two or three projects to determine if some have to be changed,” he said.

The President proposed programs under the Department of Agriculture headed by Secretary Proceso Alcala are evaluated on the basis of cost-benefit analysis and whether they meet the economic targets. If they do not match the goals and expected outcomes, then Alcala does not push through with them,” he said.

According to the President, the right way of using public funds enabled the government to fix the fiscal position of the country.

The President said he was told that the 2010 deficit would actually be below what had been projected because of the savings obtained from belt tightening and prudent spending.

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