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Significance
Spending on infrastructure and populist social policies signed into law ahead of the May midterm elections are putting pressure on the Philippine budget.
Impacts
More expensive social policies are likely before the 2022 presidential election.
Further taxes will likely prompt popular protests targeting the government.
The US-China trade conflict and changing Chinese consumption patterns could further dampen exports.
A rice tariff law signed into law last month will likely boost agricultural imports.
The widening trade deficit will put downward pressure on the peso and upward pressure on interest rates.
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2019
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