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FT Confidential Research

Philippines risks return to bad old days of spending sprees

Duterte's populist programs threaten hard-won credit ratings

Workers balance on steel beams as they work on an expressway undergoing construction in Manila, one of the Philippines government's infrastructure programs.   © Reuters

Even as the Philippine government celebrates a successful dollar bond sale, signs are emerging of a return to the bad old days when fiscal profligacy undermined the country's creditworthiness.

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