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S&P raises Philippines outlook to ‘positive’

MANILA, Philippines–Standard and Poor’s raised its outlook on the Philippines’ credit rating to “positive” from “stable” on Thursday, boosting the prospects of a long-sought investment-grade rating as early as next year.

“In our view, the current administration possesses a level of legitimacy, support and stability that reduces political uncertainty and allows for improved legislative efficiency,” credit analyst Agost Benard said.

Benard said this environment allowed the government to focus its efforts on improving its revenues, building infrastructure and reducing poverty.

Manila’s credit rating may be raised from “BB+” to investment-grade next year if the government can build up its coffers to allow it to reduce its debts and make the country more attractive to investors, he added.

The US rating outfit said in a statement it was affirming the Philippines’ credit rating of “BB+”, just one rung below investment grade for the country which has shown surprising economic growth in recent months.

Finance Secretary Cesar Purisima quoted President Benigno Aquino as saying: “This outlook upgrade is another example that good governance is good economics.”

S&P raised the Philippines’ foreign currency credit rating to within one rung of investment grade in July, with Moody’s Investors Service following suit in October.

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Tags: Business , Credit rating , Philippines , S&P

  • http://pulse.yahoo.com/_NNH3CUMD5FUUPUOV4OM3S7WPAQ suns

    I only have modest expectation from Pnoy,but it seems that he really knows how to delegate effectively task to his Cabinet members who are tehnocrats in their line of work.  Intergrity(Pnoy)+technocrats(less retired  general appointees) = IT(outpuT)

  • OFW28


    VAT TO 15% more progress!!!

  • Kamatis Tomato

    Ang swerte ni Tiglao di mawawalan ng topic. 

  • Count du Fount de Cakes

    The CRABS will come later. :)

  • http://pulse.yahoo.com/_L3NJ4IIZZMB2OMPIOR7X2B72ME k

    go go go pilipinas!

  • http://profile.yahoo.com/ZUGKMNYSK2ZSSS4B2LVNDWP5XM lagalag

    Congratulation to Philippines, more progress will be seen next year.

    Proud to be a Filipino.

    Yong mga utak talangka diyan huwag ng hihirit pa kasi yong upgrading of rating galing sa US hindi galing sa gobyerno. Kaya yong mga NEGA diyan tumulong na lang kayo para umunlad ang bansang Pilipinas. 

    Ang pagsulong ng bansa lahat tayo makikinabang, kaya VOTE WISELY on 2013. 

    NO to UNA.

  • jose_rizal11

    LIPAD PLILIPINAS!!! God Bless the Philippines!!!

  • VeTee gdesz

    WELL DONE MR AQUINO.  I believe you surpassed the economical standard through legit government compared to your economist predecessor. 

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