Fiscal reforms, not debt relief, needed - World Bank.

(From BusinessWorld (Philippines))

Byline: Jennifer A. Ng

The Philippines needs to implement fiscal reforms and not debt relief if it wants to ease its debt burden, the World Bank (WB) said.

WB country director Joachim von Amsberg said that unlike the poorest countries in Africa, the Philippines continues to have access to capital markets and that its financial market remains vibrant.

"Fiscal adjustments that will be undertaken in a sustained manner will help the Philippines deal with its debt problems," Mr. von Amsberg said.

In the case of the Philippines, he said a major decline in revenue collections over the past six years, …