fiscal targets set out in the Budget of Expenditures and Sources of Financing (BESF) for 2013 are likely to be met … sourced from the BIR collections, which is estimated to reach PHP 1.26 trillion in 2013, exceeding the President's Budget …'s estimate of PHP 1.24 trillion. Second, although a more balanced distribution of the budget between the social services and …

comfortable debt levels, and (4) estimation of fiscal reaction functions for the Philippines and developing ASEAN-5 economies to … Philippines and similar economies in the region meanwhile indicate responsible fiscal policy that guarantees fiscal solvency. This …