The Philippines posts a budget surplus of PHP2.52 billion in August despite double-digit growth in public spending. "With this, the Philippines continues to be in a fiscal sweet spot, generating wide fiscal space to stimulate the economy and to spend on key development projects," says Finance Secretary Cesar Purisima in a statement. The January-August budget is at PHP71.21 billion, less than half of the PHP183.34 billion target for the January-September period and a third of the PHP280 billion ceiling for the year. Economists are hopeful that the government will spend more in the months ahead to ensure the economy sustains its 6.1% growth pace, one of the fastest in Asia during the first half, and to support the stock market's record run.
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