'Dr Doom' lauds PH credit upgrade
MANILA, Philippines - Nouriel Roubini, a world renowned economist, praised the news that the Philippines has achieved an investment grade status, which he had predicted and supported.
Dubbed Dr. Doom for predicting hard times before the financial crisis began in 2008, Roubini said on his Twitter account that the Fitch Ratings' upgrade was "well deserved."
He tweeted this:
As I predicted in Manila in early February the Philippines was upgraded by Fitch to an investment grade rating. A well deserved upgrade!— Nouriel Roubini (@Nouriel) March 27, 2013
Roubini teaches at New York University's Stern School of Business and is the chairman of economic consultancy firm, Roubini Global Economics. He predicted that the Philippines would achieve an investment grade within the year in Davos, Switzerland in January.
In a tweet sent January 28 before coming to Manila, Roubini said:
PH deserves this rating upgrade this year "Roubini: PH should get investment grade" bit.ly/TSbVAk— Nouriel Roubini (@Nouriel) January 29, 2013
He nailed the message further in his Manila visit when he said in a keynote speech during the Philippine Investment Summit last January 30 that the Philippines deserves an investment grade in 2013.
He also said in a Bloomberg interview that unlike the ‘hyped up’ BRIC nations, the Philippines, along with Indonesia were doing more to grow their economies.
The Philippines won its first ever investment grade debt rating from global credit rating firm Fitch on March 27.
The credit rating agency upgraded the Philippines’ sovereign credit rating to BBB- from BB+ marking the first time the country joins the A-lister countries considered safe to invest in.
Fitch cited a robust economy and improved fiscal management as the reason behind the upgrade.
"The Philippine economy has been resilient, expanding 6.6% in 2012 amid a weak global economic backdrop. Strong domestic demand drove this outturn," Fitch said.
Fitch was the first among the other international credit rating firms -- Standard & Poor's (S&P) and Moody's Investors Service -- that granted the Philippines a long-awaited investment grade. S&P and Moody's still rate the country one notch below investment grade. S&P currently rates the Philippines a BB+ market, while Moody's gave it a Ba1. - Rappler.com