Purisima: We welcome the upgrade, but we are still a notch underrated
Credit rater cites continued favorable growth prospects relative to peers
Read More“We are pleased to find out that Moody’s Investors Service, after much deliberation, has raised the Philippines to an investment grade rating, with a positive outlook. The Philippines’ sound fiscal and monetary policy have been validated yet again, proof that President Aquino’s goal to restore confidence in the Philippines and revitalize the economy has been a success.
Read More“It is with great pride that I learned today that Ratings and Investment Information, Inc., changed the Philippine Rating Outlook to ‘Positive’ from ‘Stable’ while affirming our investment grade rating of BBB-. The gains of good governance are again recognized by those who monitor world economies, with our tax collection reforms and our landmark sin tax reform law contributing greatly to the positive outlook.
Read More“We thank S&P for recognizing the continued improvement of the country’s fundamentals. With this action, we are now only half a step towards formally gaining investment grade, which the market has already given us by rating the Philippines at least two notches above investment grade. This outlook upgrade is another example that good governance is good economics.
Read MoreA little more than two years after the Aquino administration took office, the Philippines has successfully placed itself just one notch below investment grade in all three major credit ratings agencies after nine positive ratings action since July 2010.
Read More“We thank Moody’s for recognizing the significant progress that the Aquino administration has undertaken to improve the country’s economic fundamentals. This 9th positive ratings action is another affirmation of the President’s agenda and our underlying belief that good governance is good economics. It has been a decade since all three major ratings agencies rated us a notch below investment grade.
Read MoreManila, Philippines, August 24, 2012 – Following the successful investor presentations of the Philippine Government in the United States last June, the country’s economic team led by Finance Secretary Cesar Purisima and Treasurer Roberto Tan visited Singapore on August 21 to 22 and met with banks and investor groups. The Philippine government’s economic team provided an update on the fiscal and macroeconomic situation of the Philippines, as well as on the milestones of the Aquino Administration’s governance reform agenda. Among others, the economic team outlined the recently reported notable economic statistics such as the 11.6 percent year-on-year growth in revenues for the first six months of 2012 amounting to P760.9 billion, the solid foreign exchange reserves at US$79.3 billion as of end-July and the sustained robust inflow of cash remittances by overseas Filipinos which reached US$10.1 billion during the first half of 2012.
Read MoreThis is one more step in our march towards investment grade, towards reducing the gap between the market rating and the credit rating, and more importantly towards a more sustainable growth path.
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