The main policy challenge for Mr Aquino's administration in the early part of the forecast period will be to demonstrate its commitment to strengthening the public finances. The budget has been in deficit for the past 13 years, and the public debt to GDP ratio is among the highest in South-east Asia, standing at 55.4% in 2010. Mr Aquino's administration has abandoned the goal of balancing the budget, arguing that a deficit is unavoidable if public services are to be improved, but it is targeting a gradual reduction in the deficit to 2% of GDP by 2013. In an attempt to upgrade the country's infrastructure, Mr Aquino aims to establish around 80 public-private partnerships, with aggregate investment capital of P740bn (US$17bn), by the end of his presidency in 2016. In March 2011 the government announced details of five of at least ten such projects that are expected to be put out to tender this year. Private investors have previously been deterred from becoming involved in all but the most commercially attractive projects by the government's refusal to offer guarantees. However, Mr Aquino has said that he is prepared to provide guarantees in some circumstances-a policy that will add to the government's contingent liabilities.