Ratings upgrade for RP

Moody’s Investors Service has upgraded the Philippines’ credit rating from “stable” middle of last year to “positive” early this year.

There are some good domestic development that contributed to such ratings upgrade, like a stable and low inflation rate (3.8 percent last year), high GIR by the central bank, and so on. But generally negative development in Europe as more governments there are limping fiscally, like Ireland, Greece, Spain and Portugal, may have contributed to some capital flight from Europe to emerging markets like the Philippines.

Thus, the challenge to significantly reduce the annual budget deficit, reduce the overall public debt stock, need to be pursued, to further improve investor confidence in the country.

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