April 15, 2019
The Department of Finance (DoF) expects the Philippine’s credit rating to improve if recent reports of Moody’s, S&P and Fitch are considered.
In a business journalism seminar held by the San Miguel Corp. in Baguio on Saturday, Finance Undersecretary Gil Beltran said findings of the top 3 rating agencies on the country’s economy were encouraging.
Beltran noted that the Philippines was earlier given stable to positive scores by the said firms. He also cited the 2019 economic outlook of the Philippines by the World Bank, which projects the local economy to grow from 6.5 this year to 6.6 in 2020.
The DTI official is optimisitic the country can get an A rating sooner.
“It’s just around the corner” especially if the rating comes from the Asian credit rating agencies, he said.
“It is possible to get it first from the Asian credit rating agencies. The three big ones will follow,” he added.
Meanwhile, Beltran said he was also seeing improved sentiment about the Philippine economy.
“We also expect that the market perceives us better than the credit rating agencies,” he said, adding that market, which buys government debt and invests in the Philippines, is “the real thing,” that’s why their trust is important to be earned.”
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