Phl Slowing Pace of Fiscal Consolidation

The Philippine government is materially slowing the pace of its fiscal consolidation efforts in response to weakening economic growth, according to Nomura Global Markets Research.

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In a report, research analysts Euben Paracuelles and Nabila Amani said the government's shift supports their long-standing view that the targets under the country's medium-term fiscal framework would be difficult to achieve.

They noted that the government continues to prioritize large infrastructure spending, while revenue performance remains weak, making consolidation efforts even more challenging.