The Philippines’ plan for a massive increase in state borrowing to revive the  economy could backfire by crowding out the private sector, analysts say. The government targets to borrow P3.3 trillion ($54 billion) next year, a 20% increase from 2026, to refinance some debts and revitalize an economy rocked by the Middle East conflict and a corruption scandal. Of total gross borrowings, about P1.6 trillion is earmarked to pay off maturing debts. [....]