The Asian Development Bank (ADB) has warned the government of the Philippines that it needs to do more to decrease its budget deficit.
The warning from the ADB came after the budget deficit target for 2009 was raised to PHP177.2bn (USD3.7bn).
According to the bank, the government needs to introduce more short-term revenue-boosting measures, particularly tax reforms.
In support of earlier proposals by the country's Finance Department, the ADB has urged the government to begin cutting back on tax incentives and implementing new 'sin' taxes on products such as alcohol and cigarettes.
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