The Aquino administration plans to maintain a yearly gross domestic product (GDP) growth of between seven percent and eight percent in the coming years beginning 2011.

On the sidelines of Joint FINEX-MBC-MAP general membership meeting Tuesday, Finance Secretary Cesar V. Purisima, said with this economic growth, the government can create more jobs and fight poverty.

This year, Purisima said the government is expecting to grow by year’s five percent to six percent, while the country's budget deficit is programmed to reach P325 billion, or 3.9 percent of GDP.

Purisima had said Aquino administration expects the country's budget deficit to reach 2 percent of GDP in the next three years.

The Philippines ended with a budget deficit of nearly 4 percent of GDP last year.

In the first-semester, the government's budget deficit reached to P196.7 billion after the Arroyo administration's financing gap in June reached P34.6 billion due to higher spending and lower revenue.

Aquino has pledged during his campaign that he will refrain from raising taxes, and instead pledged to go after tax evaders and corrupt officials to help narrow the budget shortfall.

Next year, the government's budget deficit is programmed to reach P298.6 billion.

Budget Secretary Florencio B. Abad, said next year's financial gap will be equivalent to 3.3 percent of GDP, a reduction of 60 basis-points compared with 3.9 percent of the economy this year. Abad said the government plans to raise revenues next year to P1.46 trillion, which is aimed at enabling the state to reduce the budget deficit even as it increases spending to boost growth.

He said spending on public works, salaries and debt payments may total P1.757 trillion, or 14 percent higher than the 2010 budget of P1.54 trillion.