PHL likely to get credit rating upgrade, says Bangko Sentral official

The Philippines will likely get a credit rating upgrade from top agencies like Fitch Ratings, Standard & Poor’s, and Moody's Investors Service this year.   "I think we have sufficient basis to be confident that we shall receive a credit upgrade, which we deserve," Bangko Sentral Deputy Governor Diwa Guinigundo told the Communication and News Exchange Forum on Wednesday.   He cited the 3.5-percent growth in gross domestic product in the first nine months of 2011, as well as 4.5-percent average inflation in the first 11 months.   "We deserve an investment [grade] based on our assessment," Guinigundo said, noting that the Philippines is rated three notches below comparable countries, including Indonesia.   "Indonesia has better infrastructure but on everything else we have reasons to be more confident," said the Bangko Sentral official.   Among the positive fundamentals that the Philippines now have are a low inflation environment, strong external payments position and, vigorous banking industry, Guinigundo noted. — VS, GMA News