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PIA Press Release
2006/10/17

RP has good chance for upgrade, Aussie finance expert says

Iloilo City (17 October) -- An Australian finance manager said the possibility of the Philippine government of getting a positive credit outlook is good citing strong financial effort reforms implemented by President Gloria M. Arroyo.

"The possibility is good," IMA Managing Director for Asia Richard Martin said during a television interview over Australian Network on cable television.

"They (Philippines) are running ahead of where they should be in getting the budget down and the reason for that is President Arroyo really got going on sorting out with tax office in the Philippines."

According to Martin the sound fiscal remedies applied by the Arroyo government is yielding substantial harvest for the country in terms of additional income for the national treasury and lower borrowing requirements abroad.

"It means more money into the government coffers and reduces the amount they have to go to the foreign market to borrow," he said. (PIA-LOL) [top]

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