Philippine cb against declaring fiscal crisis

The Bangko Sentral ng Pilipinas (BSP) on Monday 5 July opposed the proposal to formally declare a fiscal crisis, warning that the ensuing confusion might precipitate an actual fiscal crisis that the government is trying to avoid.

The lawmakers said that declaring a fiscal crisis would allow the Arroyo administration some flexibility to undertake drastic measures to address its revenue and spending problems.

However, BSP Governor Rafael B. Buenaventura said that such a declaration would only

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