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Palace hails PH’s credit rating upgrade from Seoul-based NICE: ‘Very nice’

/ 12:03 PM January 23, 2016

Malacañang on Saturday welcomed the upgrade in the country’s credit rating from a Seoul-based debt watcher.

Presidential communications undersecretary Manuel L. Quezon III said the credit rating upgrade from the National Information and Credit Evaluation (NICE) was “very nice.”

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“The NICE upgrade—it’s very nice—this is the NICE Investors Services of South Korea, which raised the Philippines’ credit by a notch from BBB- to BBB—that’s an investment grade—because of South Korea citing the Philippines’ reforms and the robustness of our economy,” Quezon said over state-run Radyo ng Bayan.

READ: Moody’s: Economy grew by only 5.7% in 2015

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Citing government reforms and a sustained rise in infrastructure investments, NICE said it upgraded the Philippines’ credit rating because of “improved government transparency as well as enhanced environment backed by expanded infrastructure and social overhead capitals in the form of public-private partnerships.”

Quezon said reforms will be implemented until President Benigno Aquino III steps down office to ensure that the next administration will also benefit from present gains.

“Ang importante dito, hindi lang ang administrasyon, ang buong bayan ay nagbebenepisyo sa ganitong mga balita,” he said.

(The important thing here is that not only the administration but the whole country will benefit from this news.)

The country previously secured investment grade from Standard & Poor’s, Moody’s, and Fitch Ratings. RAM

READ: Another credit rating upgrade for PH in next few weeks, says DOF chief

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TAGS: credit, economy, NICE, Palace, PH, Rating, reforms, Seoul, upgrade
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