‘Yolanda’ won’t lead to higher deficit

Socioeconomic Planning Secretary Arsenio Balisacan said recently that the government will resort to “reallocation” of funds instead of increasing the country’s fiscal deficit, despite urgent need for additional funding and support for Super Typhoon Yolanda victims and rebuilding efforts in the Visayas region.

Balisacan, who is also the director general of the National Economic and Development Authority (NEDA), told reporters on the sidelines of the Philippine Economic Society’s annual meeting that the government is looking at reallocation of funds, before resorting to increasing the fiscal deficit.