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.
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/Romeo Ranoco
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