The Philippines' budget deficit probably came to no more than 2.3% of GDP in 2012, well under the target cap of 2.6%, according to Budget Secretary Florencio B. Abad. Meanwhile, looking ahead, World Bank country director Motoo Konishi said the Philippines should focus on creating jobs, given the 10 million currently without work or underemployed and an expected additional 1.1 million entering the labor force each year.

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