Quantcast
Latest Stories

Palace cites ‘straight path’ for upgrade

By

President Benigno S. Aquino III Malacañang Photo Bureau

MANILA, Philippines—Malacaang credited President Benigno Aquino III’s “straight path” for Standard & Poor’s upgrade of the country’s sovereign borrower standing to investment grade.

“Tuwid na daan is truly the path to progress and tangible improvements in our economic life,” said presidential spokesperson Edwin Lacierda, after S&P upgraded the Philippines from BB+ to an investment grade rating of BBB-.

“This comes on the heels of the earlier pronouncement of Fitch Ratings that already upgraded the Philippines to investment grade,” said Lacierda.

He noted that “the news spread quickly among ordinary people who took ownership of the good news, which is a sign of how good news and optimism are truly contagious, contributing to positive national mood and the can-do, increasingly empowered attitude of the nation.”

Affirmation

The Aquino administration welcomed the upgrade, “not just as the latest institutional affirmation of the Aquino administration’s good governance initiatives,” he said.

He said the upgrade would also help enable lower costs for borrowing, translating into lower costs for hospitals, schools and other vital structural improvements for the benefit of the people.

In a statement, Budget Secretary Florencio Abad said the “upgrade affirms the global market’s renewed and heightened confidence in our country as a viable investment center in Asia.

“S&P attributed this upgrade to the country’s improved fiscal profile, declining reliance on foreign currency debt, increased revenue collection, and macroeconomic stability, among other factors,” he said.

Indeed, Abad said the reforms pursued by the Aquino administration were now bearing fruit.

“Still, we cannot afford to be complacent: We must work harder to translate these reforms into direct, immediate and substantial dividends for our people, especially the poor,” he said.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Benigno Aquino III , fitch ratings , investment grade , Standard & Poor's , Straight Path

  • rosstum

    Yeheey…Piyesta na naman ang mga yellow army!!!…Hehehe!!

    • von_ami

      and very sad news to Glorieta’s DARK ANGELS!!!!

  • disqusted0fu

    There are minimal investments in the PH because people are afraid to invest because of the rampant smuggling and rampant crimes, plus the inaction of the Aquino government about it since they are too focused on just getting these kinds of upgrades which in actuality mean nothing to the general public.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Napoles tags over 100 officials in pork scam – Lacson
  • Vitangcol to sue Czech envoy
  • Senator’s kickback from pork bigger than those of Enrile, Estrada, Revilla – Lacson
  • 43 out of 414 Etihad passengers yet to be found, tested for MERS-CoV – Palace
  • Sandigan junks Marcos family claim to Paoay property
  • Sports

  • Caguioa blasts ‘no heart, soft’ Ginebra on Twitter
  • San Mig Coffee grinds out win over Alaska to force decider
  • UP nips St. Benilde; Adamson blasts RTU in Filoil women’s caging
  • Kevin Garnett responds to Raptors’ GM F word
  • Albert Pujols hits 500th HR of major league career
  • Lifestyle

  • Entering the monkhood a rite of passage
  • Haneda International Airport: A destination on its own
  • Wanted: Beauty queen with a heart that beats for the environment
  • Kim Atienza: At home with art and design
  • Life lessons I want to teach my son
  • Entertainment

  • Bollywood Oscars, film stars come to Florida
  • Ex-Fox exec denies allegations in sex abuse suit
  • Kris Aquino backtracks, says Herbert Bautista and her are ‘best friends’
  • Summer preview: Chris Pratt enters a new ‘Galaxy’
  • Bon Jovi helps open low-income housing in US
  • Business

  • SM to rebuild Tacloban hospital
  • PSEi slips after 4-day rally
  • Toyota sells 2.58 million vehicles, outselling GM
  • McDonald’s 1Q profit slips as US sales decline
  • SEC approves SM’s P15B retail bond offer
  • Technology

  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Mark Caguioa lambasts Ginebra teammates on Twitter
  • Opinion

  • One-dimensional diplomacy: A cost-benefit analysis of Manila’s security deal with Washington
  • No ordinary illness
  • Reforest mountains with fire trees and their kind
  • Day of the Earth
  • When will Chinese firm deliver new coaches?
  • Global Nation

  • 19 Ukrainians, Russians, Filipinas rescued in bar raid
  • Filipinos coming home from Mideast must obtain MERS clearance – DOH
  • US Secret Service in Manila ahead of Obama visit
  • Palace thanks Estrada for successful HK mission
  • Hong Kong accepts PH apology; sanctions also lifted
  • Marketplace