Palace cites ‘straight path’ for upgrade
By Michael Lim Ubac
Malacañang credited President Benigno Aquino III’s “straight path” for Standard & Poor’s upgrade of the country’s sovereign borrower standing to investment grade.
Malacañang credited President Benigno Aquino III’s “straight path” for Standard & Poor’s upgrade of the country’s sovereign borrower standing to investment grade.
FDC Misamis Power Corp., a unit of the Gotianun group’s Filinvest Development Corp., is investing P30 billion to put up a 405-megawatt thermal power plant at the Phividec Industrial Estate in Misamis Oriental.
Malacañang is standing by Customs Commissioner Rozzano “Ruffy” Biazon despite the massive smuggling of petroleum products into the country that industry leaders claim is costing the government at least P30 billion in forgone revenue annually.
Interior Secretary Mar Roxas and Sen. Loren Legarda on Saturday attributed the decision of Fitch Ratings to award the country with its first-ever investment grade rating of BBB- from BB+ on the reform-oriented and transparent governance of President Benigno Aquino III.
“It’s an early Easter for the market,” said a fund manager after Fitch Ratings raised the Philippine credit rating to investment grade on Wednesday, a move expected to boost investments and lift the country’s long-term growth potential.
A $1.2 billion giant casino was set to open Saturday in the Bay City area of Parañaque City in a high-stakes bid of the Philippines to join the world’s elite gaming destinations.
Several European and American airlines are expected to return to the Philippines after the government’s removal of “discriminatory” taxes on foreign carriers, the country’s leading tourism industry group said.
Joining the World Economic Forum (WEF) for the first time, President Aquino will invite more investors and tourists to come to the Philippines to create more jobs and sustain the country’s economic momentum beyond his term, Communications Secretary Ricky Carandang said.
The Philippine economy “roared like a lion” in the third quarter in 2012, with the gross domestic product (GDP) growing by 7.1 percent, Malacañang officials said on Wednesday.
The Philippines is probably the only country for which the International Monetary Fund is upgrading its growth forecast for 2012, the IMF’s managing director Christine Lagarde announced at a Malacañang news briefing Thursday.
Visiting Canadian Prime Minister Stephen Harper sees the Philippines as “an emerging Asian tiger,” agreeing with the bullish outlook on the country of political and business leaders from many other parts of the world.
Visiting Canadian Prime Minister Stephen Harper said Saturday he saw the Philippines as “an emerging Asian tiger,” echoing the bullish outlook on the country painted by political and business leaders in various parts of the world.
