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WELLINGTON, May 24 () -- The New Zealand government vowed to remain on track to returning to budget surplus despite a deterioration in the economic outlook, as it unveiled the annual spending plan here Thursday.Budget 2012 was the government's second consecutive annual budget with zero new spending, said Finance Minister Bill English in the televised reading of the budget to Parliament.English said that New Zealand would be "one of the few developed countries not running deficits and increasing debt," when it returned to surplus in the 2014-2015 financial year."Getting back to surplus is one of the most important contributions the government can make to increasing genuine national savings and building a more competitive economy," he said."It will reduce upwards pressure on interest and exchange rates. It will stop our debt rising and allow us to start reducing it," he added.Forecasts showed a fiscal surplus of 197 million NZ dollars ( 147.89 million U.S. dollars) in 2014-2015, though the Budget Policy Statement in February showed a deterioration of 1.2 billion NZ dollars in the fiscal outlook for that year.The government had committed itself to fiscal discipline, said English, and net new government spending through to 2015-2016 would total just 26.5 million NZ dollars.However, the government would "reprioritize" existing spending worth 4.4 billion NZ dollars over the next four years to ensure increased spending in health, education, science and innovation, and law and order, and increase revenue through changes to the tax structure, said English."As a result, we remain on track for surplus while continuing to invest in priority areas that matter to New Zealanders, and which will help build the more competitive economy necessary to create new jobs and higher incomes."Although government spending had grown by only 750 million NZ dollars in the last four years, government debt had increased sharply due to the effects of the domestic recession, the global financial crisis and costs of the Canterbury earthquakes, English said.Net government debt had increased from 10 billion NZ dollars in 2008, when the center-right National Party-led government came to power, to 50 billion NZ dollars and was forecast to exceed 70 billion NZ dollars before the government returned to surplus.Budget forecasts show an operating deficit before gains and losses of 8.4 billion NZ dollars in 2011-2012, falling to 7.9 billion NZ dollars in 2012-2013 and 2 billion NZ dollars in 2013- 2014, before a projected surplus of 197 million NZ dollars in 2014- 2015.The Budget would also contain net core government debt below 30 percent of gross domestic product, with it peaking at an estimated 28.7 percent of GDP in 2013-2014.
by Prime SarmientoMANILA, Jan. 20 () -- The impeachment trial of the Philippine chief justice is part the present administration's plan to promote development via good governance.Philippine Budget Secretary Florentino Abad said the ongoing trial of Supreme Court Chief Justice Renato Corona is in line with President Benigno Aquino III's campaign promise that rooting out corruption will reduce poverty.In Thursday's forum organized by the Foreign Correspondents Association of the Philippines (FOCAP), Abad said corruption is one of the reasons why investors are reluctant to do business in the country."What are the disincentives that discourage investors from coming in the Philippines? Number one is corruption, political instability. If you look at the common factor underlying the problem is the problem of governance," he said.Vice President Jejomar Binay, who keynoted the FOCAP forum, said the impeachment trial is "democracy in action"."It is in our highest national interest that whatever the outcome of this impeachment trial, it should succeed as a fair and just Constitutional process," Binay said.The Philippine Senate began the impeachment trial against Corona Monday, with members House of Representatives serving as prosecutors.The impeachment complaint against Corona was initiated and signed by 188 members of the House of Representatives on Dec. 12, 2011 and filed in the Senate the following day. The House of Representatives accused Corona of culpable violation of the Constitution, graft and corruption, and betrayal of public trust.Observers have criticized Aquino for chasing corrupt officials instead of focusing on economic growth. Since Aquino came to power in June 2010, his administration has filed corruption charges against ranking officials. These include Corona and Aquino's predecessor and now Pampanga Representative Gloria Macapagal- Arroyo who's been charged with electoral sabotage.But Abad said that contrary to what critiques say, it's actually Aquino's anti-corruption policy that is bringing economic gains.He cited the recent Bank of America-Merrill Lynch survey that showed global fund managers ranking the Philippines as third most preferred market in the world, next only to China and Indonesia. Abad also alluded to the rating upgrade given by Fitch Ratings, Moody's and Standard and Poor's."I believe that one central element is confidence. Confidence brought about by the assumption to power of an administration that has been unwavering in its pursuit of good governance, inclusive growth and peace," Abad said.Abad described Corona, who once served Arroyo's Chief of Staff, as Arroyo's "key collaborator". Corona's impeachment trial is the first step towards the badly needed judicial reform."The business community has repeatedly bewailed the irrationality and unpredictability of judicial process in decision making. An economy that seeks to prosper in an environment of merit can't thrive in such condition," he said.Asian Development Bank Vice President Stephen P. Groff said investors will look at the broader picture and will base their position on whether the Philippines can promote good governance over the long term.Groff said one of the challenges facing the Philippines is governance and this has been tied with the country's "low competitiveness rating and inability to translate growth into poverty reduction."He noted that investors are aware of the current administration ' s "reform orientation and commitment to good governance.""Continued, strong commitment and progress will be required if inclusive growth is to be achieved," he said.
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