Philippine Bonds Slump as Fitch Says Fiscal Deficit May Double This Year

(Bloomberg) -- Philippine bonds fell after Fitch
Ratings said the government's fiscal deficit may almost double
this year because of lower-than-expected revenue.

``There is concern that revenues may not be enough to meet
targeted spending,'' said Roland Avante, treasurer at Chinatrust
(Philippines) Commercial Bank in Manila. ``Definitely, the
tendency is for yields to adjust upwards.''


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