Duterte's infrastructure push keeps banks in cold

The Philippine president's infrastructure ambitions are bypassing the private sector. But the long-term benefits will be spread far and wide

Carlos Sonny’ Dominguez, the finance secretary of the Philippines, cannot be accused of a lack of ambition.

He announced a series of optimistic economic targets almost as soon as taking office in the government of President Rodrigo Duterte. He has consistently criticised the former administration of Benigno Aquino for failing to do enough to lift the country out of poverty. He has attempted a wide-ranging and politically difficult tax reform bill that will cut income and corporate taxes while raising taxes on fuel and removing some consumption tax exemptions.

But even for a politician as pugilistic as Dominguez, his latest move is remarkable Dominguez unveiled...

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