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Philippines Beats Indonesia as Aquino Finds Favor: Asean Credit

The yield on the junk dollar bonds of the Philippines is at a record discount to higher-rated Indonesian notes as confidence in the nations’ leaders diverges.

Philippine President Benigno Aquino, 53, halfway through a six-year term, increased taxes and ousted the country’s top judge last year for illegally concealing his wealth, impressing Pictet Asset Management and Kokusai Asset Management Co. Indonesian President Susilo Bambang Yudhoyono, 63, who is in his final year in office, failed to cut fuel subsidies in 2012 as the annual shortfall in the current account rose to a record.