By Rey Anthony Chiu
Philippine Information Agency
Even with the economic crunch that had the country's plans to attain a balanced the budget in the bind, the Departmen of Finance through Secretary Margarito Teves is still hoping the plan is on track.
With first quarter revenues still less than the programmed collection, Teves said "we can actually tell by the end of the second quarter how far off we are."
"Our present focus is on the need to equalize," the key government finance adviser said during a press conference minutes before President Gloria Macapagal Arroyo and the RoRo caravan arrived in Jagna.
Intent on attaining the country's fiscal liberation aim, he added that right now, the government is contemplating on finding other sources of revenues to hit the goal.
"Our revenue projection is just enough to support our original budget, and with the oil price hikes, inflation, rice problem, we need to find other sources of revenues to fill in the gap," he said during a press conference minutes before the president was to meet her cabinet on board the ferry to Mambajao in Camiguin, April 29.
"It is still way too early to tell but regular sources of revenue is still on," he reported to the media when asked about the status of the plan to balance the budget by the year end.
Intent on keeping the plan on track, Teves said they are also planning to sell on the government assets not included in the 2008 program of generating P30B.
Selling of government assets could be a contingency but we would need the Congressional support, the former economic development authority added.
It is Congressional support that we badly need to allow us such a move, Teves claimed.
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