PH credit ratings at risk if ‘wrong’ leaders elected – Palace

Rappler.com
The Palace says economic improvements made in the past years will only be put to waste if Filipinos elect the wrong leaders on May 9

MANILA, Philippines – Malacañang warned Filipinos that the improved credit ratings of the country would be at risk if “wrong” leaders are elected.

On April 21, global credit rating agency Standard & Poor’s (S&P) projected that growth in per capita income in the Philippines would hit the $3,000 mark this year as it affirmed the country’s investment grade rating at BBB.

This is a notch higher than the minimum score within the investment-grade scale.

An investment grade is a seal of good housekeeping, as it signals to investors that it is safe to do business and encourages them to put huge capital in the country. (READ: INFOGRAPHIC: What a credit rating upgrade means for Filipinos)

Might be put to waste

But in a radio interview, Undersecretary Manuel Quezon III, head of the Presidential Communications Development and Strategic Planning Office, said that all the economic improvements the country made in the past years will only be put to waste if Filipinos elect the wrong leaders on May 9.

Hindi forever ang ganitong mga ratings. (These ratings are not forever.) They have to be nurtured, protected and they are based on a track record at kung babaliwalain ito then siyempre there will be consequences (and if these will be neglected, of course there will be consequences.) So, it’s a timely reminder to all of us to vote on the basis of a responsible frame of mind,” Quezon said.

Debt watcher Fitch Ratings had also maintained the Philippines’ credit rating at a minimum investment grade of BBB-.

In its report on the Philippines, Fitch recognized favorable factors that have upward influence on the country’s credit rating.

These include robust economic growth, declining debt burden, stable banking sector, and strong external payments position.

Global market’s trust

Quezon said the investment grade means the global market trusts the country when it comes to doing business.

Ngayon siyempre, dahil pagpasok ng bagong administrasyon, malaya ang sino mang administrasyon na pumasok na palitan, amyendahan, baliktarin o ibahin ang mga patakaran at ang mga ginagawang proseso at pagha-handle ng ating mga salapi. (Now of course, as a new administration enters, anyone in office has the freedom to change, amend, modify or reverse policies, processes, and means of handling our money),” Quezon added.

With two weeks left before the May 9 elections, Davao City Mayor Rodrigo Duterte widened his lead over rival presidential candidates in the latest SWS presidential survey released Monday, April 25.

The same survey saw Camarines Sur 3rd District Representative Leni Robredo climbing 7 notches and catching up with vice presidential front runner Senator Ferdinand “Bongbong” Marcos Jr. – Rappler.com