Palace hails S&P credit-rating upgrade

MANILA, Philippines—Malacañang was ecstatic Thursday over Standard and Poors’ credit rating upgrade of the Philippines to a notch below investment grade.

“It is an affirmation of the fiscal management of the Aquino administration,” said Ricky Carandang, presidential communications secretary. “At a time when countries around the world are debating austerity versus stimulus, we have had the fiscal space to provide stimulus without weakening our fiscal position.”

He added, “The President and the economic team have worked hard to win ratings upgrades and we’re now another step closer to investment grade status.”