Palace cites ‘renewed optimism’ on PH business prospects

MANILA, Philippines – Malacañang said on Wednesday, September 3, that the latest investment grade sovereign credit rating obtained by the Philippines – from South Korea-based National Information and Credit Evaluation (NICE) Ratings Inc – shows “renewed optimism” on business prospects in the country.

Deputy Presidential Spokesperson Abigail Valte made the statement a day after NICE Ratings announced it has raised the Philippines’ credit rating from BB+ to BBB-  with a positive outlook, upgrading its status from speculative to investment grade. 

“This reflects the international community’s continuing confidence in our country’s growth potential, as previous credit rating upgrades have shown. Based on our improved fiscal profile as well as robust stability in the financial market, among other factors, this upgrade manifests renewed optimism for our country’s future,” Valte said.

NICE Ratings cited the Philippine government’s “continuing efforts to improve governance and infrastructure” as a “key factor” in the upgrade, she said.

The Philippines first achieved investment grade status when Fitch Ratings upgraded the country’s sovereign credit rating to BBB- from BB+ in March 2013.

This was followed by a string of similar actions from international credit rating agencies, leading up to the latest upgrade – the 18th positive rating action under the Aquino administration. – Rappler.com