(Bloomberg) -- The Philippine peso fell for a
fourth day on speculation the nation's budget deficit, which
President Arroyo plans to balance for the first time in a decade
next year, will widen.
The tax agency's revenue goal this year was cut by about 3
percent after missing first-half targets, the Philippine Daily
Inquirer said, citing an unidentified person. The currency has
weakened 0.7 percent since Fitch Ratings said July 24 the
nation's fiscal deficit may be double the government's estimate.
Read more at Bloomberg Currencies News
fourth day on speculation the nation's budget deficit, which
President Arroyo plans to balance for the first time in a decade
next year, will widen.
The tax agency's revenue goal this year was cut by about 3
percent after missing first-half targets, the Philippine Daily
Inquirer said, citing an unidentified person. The currency has
weakened 0.7 percent since Fitch Ratings said July 24 the
nation's fiscal deficit may be double the government's estimate.
Read more at Bloomberg Currencies News
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