IMF backs Duterte’s plans to widen Philippine budget deficitThe International Monetary Fund said it supported plans by President Rodrigo Duterte’s administration to boost spending and widen the budget deficit as it forecast faster economic growth in the Southeast Asian economy. Economic growth is forecast to quicken to 6.7 percent in 2017 from an estimate of 6.4 percent this year, it said. Duterte’s government is asking lawmakers to approve a record budget for 2017, pledging higher spending on police, education and roads. The peso slumped to a seven-year low on Tuesday and global funds have sold Philippine stocks for a 23rd straight day. S&P Global Ratings has warned that the Philippines’ sovereign credit rating may be under downward pressure if Duterte’s commitment to reforms stall.

Source: Manila Bulletin September 27, 2016 02:03 UTC