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PIA Press Release
2006/10/19

Commentary: RP looks to "positive" upgrade

Koronadal, South Cotabato (19 October) -- Substantial drop in the national government's budget deficit will influence a better credit outlook for the country from "negative" to "stable" by the end of the year.

The impending upgrade of the RP credit outlook by the international rating firm Moody's Investors Service indicates the present momentum of the Philippine economy.

A "negative" outlook indicates that a country faces the threat of a downgrade in its credit rating, while a "stable" outlook reflects the likelihood that a certain rating will maintained within the short term.

The Administration welcomes the report of the credit rating upgrade since it shows that the fiscal discipline being imposed is winning the day for the Philippines.

As this developed, Malacaņang urges the Senate to speed up deliberations on the budget to show the world the country's determination to keep the banner of reforms up and the drag pf politics down.

The budget not only defines the country's development agenda but also signifies the payback to the people of the tough economic reforms and this is a matter of national interest that can no longer be delayed.

According to Malacaņang, the caravan for national unity emphasizes the best that is to come for the Filipinos as the government lays down its working formula to spur growth rate and investment. (pbc/PIA 12) [top]

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