MANILA (Mindanao Examiner / Dec. 20, 2012) – The Philippines welcomed Thursday Standard and Poor’s credit rating outlook for the local economy.
From “BB+ Stable” to “BB+ Positive,” Standard and Poor’s hailed the Aquino administration for its “improved capacity to effect reform” which stems from “a level of legitimacy, support, and stability that reduced political uncertainty and allows for improved legislative efficiency,” Presidential Spokesman Edwin Lacierda said in a statement sent to the Mindanao Examiner.
“This means that we can expect, barring any unforeseen circumstances, an actual credit rating upgrade in the coming months,” he said.
Lacierda said the improved outlook comes at the heels of the signing of the landmark bill reforming sin taxes which will further strengthen the government’s fiscal position.
“We welcome this acknowledgment of the positive strides the Philippines has taken under the Aquino administration and recognition of our thrust that indeed good governance results in good economics,” he said.
Standard & Poor’s is known to investors worldwide as a leader of financial- market intelligence.
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