This is from Bloomberg.
The Philippines is facing the same sort of problems as the US and Canada but on a smaller scale and it still is not in recession. However growth is approaching zero. Interesting that the government will be issuing bonds in Japanese yen. I wonder why that is?
Philippines Posts Budget Deficit as Spending Rises (Update1)
Karl Lester M. Yap  and [bn:PRSN=1] Max Estayo 
June 23 (Bloomberg) -- The Philippines posted a budget deficit in May as the government increased spending and revenue faltered amid slowing economic growth.
The shortfall of 11.4 billion pesos ($234 million) widened the five-month deficit to 123.2 billion pesos, Finance Secretary Gary Teves told reporters in Manila today. Spending increased 15.8 percent in May from a year earlier and revenue fell 2.5 percent, Teves said.
Economic growth slowed to a decade low of 0.4 percent last quarter, hurting businesses and consumers and crimping tax collection at a time when the government is trying to spend its way out of the slump. The Philippines on June 10 widened its 2009 budget-deficit forecast a third time this year to 250 billion pesos from 199.2 billion pesos.
“The government needs to maintain its spending to boost the economy but there is a cost to it,” said Arlene Agustin, treasurer at GE Money Bank Inc. in Manila. “We are prepared for a risk of yields on government bonds going up” as the nation raises more debt.
The Philippines may sell as much as $1.5 billion of yen- denominated bonds to fund the government’s widening deficit, Teves said on June 17.
The government plans to spend 1.489 trillion pesos in 2009, less than the 1.495 trillion pesos it estimated earlier, according to a summary of the government’s fiscal program provided by Finance Undersecretary Gil Beltran on June 11.
To contact the reporters on this story: Karl Lester M. Yap in Manila at email@example.com; Max Estayo in Manila at firstname.lastname@example.org Last Updated: June 22, 2009 23:23 EDT