(Bloomberg) -- Philippine bonds dropped, the
biggest fluctuation of any government debt market today, after
Fitch Ratings said the nation's fiscal deficit may almost double
this year due to lower-than-expected revenue. The peso fell.
Seven-year yields rose to highest in more than a week as
Fitch today said the budget deficit may reach 125 billion pesos
($2.8 billion) this year without asset sales, leaving the
government with less funds to spend on public works needed to
boost economic growth. President Gloria Arroyo, in an annual
address yesterday, reiterated plans to build more roads, ports
and bridges while lowering the cost of doing business.
Read more at Bloomberg Bonds News
biggest fluctuation of any government debt market today, after
Fitch Ratings said the nation's fiscal deficit may almost double
this year due to lower-than-expected revenue. The peso fell.
Seven-year yields rose to highest in more than a week as
Fitch today said the budget deficit may reach 125 billion pesos
($2.8 billion) this year without asset sales, leaving the
government with less funds to spend on public works needed to
boost economic growth. President Gloria Arroyo, in an annual
address yesterday, reiterated plans to build more roads, ports
and bridges while lowering the cost of doing business.
Read more at Bloomberg Bonds News
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