PHL poised for takeoff –Angara

December 25, 2012 1:52 am 

MANILA, Dec. 24 –- With the positive credit rating outlook that the country has been receiving from international credit rating firms, Senator Edgardo Angara has expressed optimism that the Philippines will achieve its economic growth target under the administration of President Benigno Aquino III.

”You know the Philippines is really poised for takeoff. We have completed the reform needed for us to have a sustainable growth,” he said.

Angara said the recent Standard & Poor’s positive rating from stable on the Philippines is one of the positive signs that the country is taking off as among the 10 Asian countries with dynamic economy.

”Positive is already near investment. All the signs point to the Philippines taking off among the 10 Asian countries. There are two Asian countries that are poised to takeoff. One is Indonesia, the other is Philippines,” Angara said.

In his recent trip to Mexico, Angara said the Philippines was in the headlines news titled: ‘The Next Seven.’

”On top of that list next seven is the Philippines. So all signs point us becoming really a not necessarily a tiger but almost close to that if we just focus our attention to it because there is some much to be done in terms of reform,” he said.

Angara said he was actually on a mission trip in Mexico to represent President Aquino during the recent inauguration of the new Mexican President Enrique Peña Nieto.

”When I went to Mexico two weeks ago to attend the inauguration of the new Mexican president, I have met with four of the top business groups in Mexico and I think have convinced them to come and see the Philippines,” he said.

To achieve sustainable development, Angara urged all the Filipino people to unite and support the reform agenda of President Aquino.

”I think the government, our President needs all the hands, all the assistance he can muster,” Angara said.

Recently, Standard and Poor (S&P) has raised the Philippines credit rating outlook to positive from stable, citing the stability brought about by the Aquino administration.

According to reports, the S&P noted that the Philippines has been able to focus on fiscal consolidation, infrastructure and poverty reduction and that the Aquino administration displayed an improved capacity to pursue its reform agenda.

The Philippines has steadily moved up the S&P credit ratings ladder since the start of the Aquino administration.

The S&P reduced the country’s rating three notches below investment grade from 2005 to 2009 but raised it one rung to BB in November 2010.

Last July, the Philippines was awarded another upgrade its current standing of BB+, one notch below investment grade.

Last October, Moody's Investors Service upgraded the Philippines' credit rating to Ba1 with a stable outlook from Ba2 with a positive outlook.

Moody’s action came 16 months after Fitch Ratings upgraded the country’s credit rating to BB+, an improvement from the previous BB. (PNA)

LDV/JFM

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