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Gov’t pushes bid to get rating upgrade

Economic team vows ‘sustainable, inclusive’ growth

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Budget Secretary Florencio B. Abad: Very little doubt

Government economic managers on Wednesday expressed confidence in the government’s achieving investment-grade credit rating this year as they further advance reforms and what they described as mounting investor confidence in the country.

“There is very little doubt that the country will soon reach investment grade,” Budget Secretary Florencio B. Abad said. The government’s economic team on Wednesday held at the Philippine International Convention Center in Pasay City a yearend economic briefing for the country’s performance in 2012.

“We are determined to create an environment that will not only facilitate the upgrade, but will likewise ensure the sustainability and inclusiveness of the country’s growth,” Abad said.

This year’s briefing harped on keeping the momentum of 11 positive credit actions on the Philippines’ long-term foreign currency rating by the three major agencies since President Aquino assumed office in 2010.

Moody’s Investor Services, Fitch Ratings and S&P Ratings Services now place the Philippines a notch below the coveted investment-grade rating.

“We have a very good chance of getting investment grade from at least one major agency this year,” Trade Secretary Gregory L. Domingo.

Domingo noted that the government’s “sustainable and visible efforts” have resulted in improvements in the country’s competitiveness as reflected in the most recent World Economic Forum Competitiveness Report, where the Philippines ranked 65th, or 20 notches better than the previous year’s slot.

“Good governance has led to a strong external payment environment and fiscal position, improving asset quality and credit in the banking system, benign inflation, a stable peso and meaningful policy reform,” Finance Secretary Cesar V. Purisima said.

On the administration’s fiscal strategy and key reforms, Abad said public expenditure was expected to boost economic growth as spending would be faster and more efficient.

He said social programs and infrastructure development, which respectively grew by 50 percent and 57 percent as of November 2012, would continue to drive output expansion.

“Achieving investment grade will result in improvements in our risk profile as well as cement the Philippines’ reputation as a most promising investment destination,” Abad said.

“The result [is] greater private sector confidence in the country’s economic and political capacity, more jobs, and a country of empowered citizens who finally have direct access to the benefits of good governance,” he added.


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Tags: economy , Government , Philippines , rating upgrade

  • http://profile.yahoo.com/YLFYJHWYPHGBNYABU72N5B35MI Johnson

    How could we actualize all these very simple and basic national goals if other agencies, even under the Office of the President such as the Bureau of Immigration (BID) are uncooperative, he he it will just drive these potential investors (who even had started their business and provided employment to fellow Filipinos) away…and away to our national goals tsk tsk tsk. It is in this area where Filipinos aren’t hospitable.      

  • http://profile.yahoo.com/AND7MQ5FERICDOIAUW56RYT45A tower_of_power

    Maybe there is a need for that push … but that is not where the push is most needed …. hahahaha!!!!! Just push those corrupt ex and present officials to jail … this is where the push is most needed. The headline alone in the Inquirer that that this and that BIG FISHES have been pushed into jails will be a much better factor for a much needed upgrade!!!! Investors will for sure board the dreamliners packed for a trip to the Philippines to have a firsthand view!!!



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