MANILA, Philippines – The high-profile corruption scandal over state-funded flood control projects has upended the Philippines’ bid for an “A” credit rating this year, Finance Secretary Ralph Recto said, warning that the fallout could hurt economic growth and weigh on the government’s fiscal position. Recto told reporters on Tuesday that, based on recent discussions with
MANILA, Philippines – The deepening probe into anomalous flood control projects could hurt the asset quality of Philippine banks, Fitch Ratings warned, as delays in public works could squeeze the cash flows of contractors and undermine their ability to pay loans. Tamma Febrian, director of the financial institutions team at Fitch, said banks with higher
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