Govt focuses on trimming P27bn debt

Government has hinted at an array of strategies, including fast-tracking cost-containment in the fiscus, as it attempts to restrain the P27 billion public debt from several triggers threatening to blow it beyond control. The cost-containment strategies to be fast-tracked include freezing of new posts, rationalisation of parastatals, outsourcing of government services and raising public service productivity.

In addition, next year's budget revenues will be targeted towards completing existing projects and maintenance of infrastructure. Beyond that, budgets will focus on high return "self-liquidating" projects.