Palace ecstatic over PH rating upgrade

MANILA, Philippines – Continued confidence in the Philippines. That was how Malacanang on Wednesday described the recent rating upgrade received by the country from the South Korea-based National Information & Credit Evaluation (NICE) Investors Service Co. Ltd.

“This reflects the international community’s continuing confidence in our country’s growth potential, as previous credit rating upgrades have shown,” deputy presidential spokesperson Abigail Valte said of the recent upgrade from South Korea’s oldest credit rating service.

NICE Ratings raised the Philippines’ rating from “junk” to the minimum investment grade BBB-. The ratings service’s “positive outlook” on the country may also pave the way for another upgrade.

“Based on our improved fiscal profile as well as robust stability in the financial market, among other factors, this upgrade manifests renewed optimism for our country’s future,” Valte said.

She said it was the 18^th positive rating action since President Benigno Aquino III assumed the presidency in 2010.

“In its report, NICE Investors Service Co. Ltd. cited our government’s ‘continuing efforts to improve governance and infrastructure’ as a key factor in the upgrade. As has been affirmed time and again by both local and international observers, the Aquino administration’s agenda of tuwid na daan (straight path) has borne fruit in bringing about a remarkable economic revitalization—such that had not been witnessed in our country for many years,” she added.

The Palace officials called on the public to work collectively to achieve “more milestones” for the country.

Other services that had given the Philippines upgraded investment ratings were Fitch Ratings, Japan Credit Rating Agency, Moody’s Investors Service, R&I, and Standard & Poor’s.