THE PHILIPPINES

‘93 Budget Cuts Debt Service: The Philippines will spend more on social services and less servicing its debt this year under a $12.3-billion 1993 national budget signed by President Fidel Ramos last week. The budget, 5.5% lower than 1992’s and 6% less than the original proposal Ramos submitted to Congress in August, is expected to leave the government with a deficit of $1 billion. Ramos urged lawmakers to pass measures to increase government revenue to trim the shortfall, warning that failure to do so would “hobble” the country’s drive toward prosperity.