July 27 (Reuters) – The Philippine government is not prepared to further raise the target for the budget deficit in 2010 and nor does it plan to seek a supplementary budget, Budget Secretary Florencio Abad said on Tuesday. The government, which took office on June 30, earlier this month raised the forecast for the 2010 budget deficit to 325 bilion pesos ($7.1 billion), a record in nominal terms.
As a percentage of gross domestic product, the forecast was raised to 3.9 percent from 3.6 percent, to be equal to 2009′s level.
The government has said it plans to cut the deficit to 2 percent of GDP by the end of 2013. ($1=45.9 billion) (Reporting by Rosemarie Francisco; Editing by John Mair)