Finally: Moody’s rates Philippines ‘investment grade’

Benigno
Philippine President Benigno Aquino III

The Philippine economy on October 3 got another push after Moody’s became the third and final ratings agency to grant the country investment-grade status.

The decision to give Manila a Baa3 rating with a “positive outlook” follows similar moves by Standard & Poor’s and Fitch earlier this year. Moody’s made its decision citing the country’s strong growth, political stability and improved governance.

“The Philippines’ economic performance has entered a structural shift to higher growth, accompanied by low inflation,” the agency said.

Economic growth in 2012 and the first half of 2013 were among the highest in Asia-Pacific even as inflation remained “well-anchored” and below the central bank’s ceilings, it added.

“The new growth path is being reinforced in part by improved fiscal management,” allowing more money to be spent on infrastructure and social services.

A “Baa3” rating is the lowest in the outfit’s investment ranks but represents an important milestone for the country, which was once considered one of Asia’s laggards.

The Philippines economy expanded 6.8 per cent in 2012 and 7.6 per cent in the first half of 2013, among the highest levels in the Asia-Pacific. President Benigno Aquino’s spokesman Ramon Carandang said the upgrade was “proof that the continuing fiscal reforms are further improving our credibility in the international community.”



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

[caption id="attachment_16148" align="alignleft" width="300"] Philippine President Benigno Aquino III[/caption] The Philippine economy on October 3 got another push after Moody's became the third and final ratings agency to grant the country investment-grade status. The decision to give Manila a Baa3 rating with a "positive outlook" follows similar moves by Standard & Poor's and Fitch earlier this year. Moody's made its decision citing the country's strong growth, political stability and improved governance. "The Philippines' economic performance has entered a structural shift to higher growth, accompanied by low inflation," the agency said. Economic growth in 2012 and the first half of 2013...

Benigno
Philippine President Benigno Aquino III

The Philippine economy on October 3 got another push after Moody’s became the third and final ratings agency to grant the country investment-grade status.

The decision to give Manila a Baa3 rating with a “positive outlook” follows similar moves by Standard & Poor’s and Fitch earlier this year. Moody’s made its decision citing the country’s strong growth, political stability and improved governance.

“The Philippines’ economic performance has entered a structural shift to higher growth, accompanied by low inflation,” the agency said.

Economic growth in 2012 and the first half of 2013 were among the highest in Asia-Pacific even as inflation remained “well-anchored” and below the central bank’s ceilings, it added.

“The new growth path is being reinforced in part by improved fiscal management,” allowing more money to be spent on infrastructure and social services.

A “Baa3” rating is the lowest in the outfit’s investment ranks but represents an important milestone for the country, which was once considered one of Asia’s laggards.

The Philippines economy expanded 6.8 per cent in 2012 and 7.6 per cent in the first half of 2013, among the highest levels in the Asia-Pacific. President Benigno Aquino’s spokesman Ramon Carandang said the upgrade was “proof that the continuing fiscal reforms are further improving our credibility in the international community.”



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

NO COMMENTS

Leave a Reply