MANILA, Philippines - The Philippines deserves an investment grade this 2013, according to former US White House economist and university professor Nouriel Roubini.
In a tweet, Roubini, who teaches at New York University's Stern School of Business and is the chairman of economic consultancy firm, Roubini Global Economics, stressed the gains the Philippines has achieved:
The Philippines should get an upgrade to investment grade in 2013 as it economic, fiscal, financial & policy fundamentals are much improved— Nouriel Roubini (@Nouriel) January 28, 2013
He is on his way to Manila from Davos where he said in a Bloomberg interview that Philippines, as well as Indonesia, are doing more to reform and grow their economies than the "hyped up" BRIC nations: Brazil, Russia, India and China.
I am off today to Manila/Philippines after been in Davos for WEF, Zurich, Paris & Singapore. Later this week in Munich for the Security Conf— Nouriel Roubini (@Nouriel) January 28, 2013
Roubini will be speaking at an investment summit in Manila on Wednesday, January 30, where his pronouncements are expected to be catalysts for the much anticipated ratings upgrade of the Philippines in 2013.
Roubini has also promoted the standing of the economy of Indonesia, which was recently upgraded to investment grade.
Three international credit rating agencies -- Fitch, Standard & Poors, and Moody's Investor Service -- have rated the Philippines one notch below investment grade, which the Aquino administration is targeting to lower debt interest payments and attract more foreign investments.
Representatives of Fitch have scheduled a visit to the Philippines in the first quarter. Fitch rates the country at BB+, and has maintained a positive outlook on the future prospects of the country.
In a recent report, Fitch highlighted the government's improving balance sheet and effective budgeting process.
S&P has also recently issued a “positive” outlook, indicating a possible upgrade this 2013. Moody's Investors Service's upgrade of the country's credit rating has reduced the government's borrowing costs by at least 1%.
The Phlippine economy grew 7.1% in the 3rd quarter of 2012, the fastest among Southeast Asian countries. The full year economic performance will be announced on January 31.
Roubini, a child of Iranian Jews and who grew up in Italy, has anticipated the collapse of the United States housing market and the worldwide recession which started in 2008 and ended in 2009. - Rappler.com
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