While there had been on average a general government surplus for the previous decade, with gross government debt shrinking to below 25 per cent of GDP by 2007, reliance on the boom-time revenue sources that were now evaporating had been so large that a sizable deficit was now emerging, augmented by the increased cost of social protection spending.
Congratulations to the Financial Sector Forum member agencies for taking this step to improve 1/2  BIS central bankers' speeches  the supervision of financial conglomerates in the Philippines for the benefit of the Filipino people. Thank you and good morning! 2/2  BIS central bankers' speeches