MANILA, Philippines -- The government said Tuesday it was confident the 2008 budget deficit would come in at or below its P75-billion ($1.5 billion) target.

Asked if the government was confident it would meet the target, finance undersecretary Gil Beltran told reporters: "Very hopeful."

The government earlier announced it had a budget deficit of P9.0 billion in October and a shortfall of P62.3 billion in the first 10 months of the year.

($1 = P49.99)