A further deficit of a similar magnitude – P12.1 billion or 12.2 percent of GDP – is forecast for the fiscal year 2010/11, and the Government’s objective of restoring fiscal balance, through a combination of robust revenue growth and rigorous expenditure control, is expected in 2012/13.
Honoured Guests: I wish to emphasise that, while the large deficits in the current economic environment has been appropriate unavoidable and, to a certain extent, affordable, it is essential that the fiscal  BIS Review 48/2010  3  consolidation required for long-term budget sustainability is achieved going forward.