Budget deficit (revenues lower than expenditures) from 2001 to 2005 averaged P 178.3 B per year or -4.1 percent of GDP. From 2006-2010, it averaged P 150.8 B per year or -2.0 percent of GDP.
Deficit was nearly under control in 2006 to 2008 with an average of only -0.7 percent of GDP. But with the global financial turmoil in 2009 and the approach of the May 2010 elections, the government resumed its high spending, high deficit policy.
Projected deficit this year is PhP 300 B or around -3.2 percent of GDP. Targeted to go down to only -2.0 percent of GDP by 2013.