After outlook upgrade, Palace wants PHL credit upgrade soonest

After getting an outlook upgrade from Standard & Poor’s, Malacañang is hoping to get the actual credit upgrade from the United States-based financial services firm.   Deputy presidential spokesperson Abigail Valte said the government expects to get the actual credit upgrade so added investments will start pouring in.   “We are presently two notches below investment grade. Now that Standard & Poor’s has upgraded its outlook of the Philippines, we hope the credit upgrade will come soon,” she said on government-run dzRB radio.   According to Valte, the outlook upgrade is “good news” for the country, saying it shows the “reforms” and strengthening of the financial system are paying off.   On Friday, Finance Secretary Cesar Purisima welcomed Standard & Poor’s move in upgrading its outlook for the Philippines to positive from stable.   But he said the government still views the country is still underrated by credit rating agencies “despite evident and relevant gains to improve our fiscal position, debt ratios, and our over-all macroeconomic picture.”   “Clearly, this adjustment from S&P reflects the Philippines’ strength amid the present global uncertainties, thanks to the reforms the Aquino administration had instituted for the past 18 months since it took over. It is worth noting that this outlook upgrade is the fifth positive credit rating action made by various agencies for the Philippines since the Aquino government took helm,” he said.   “We hope that this outlook improvement will translate into a much-deserved credit rating upgrade, sooner rather than later,” he added. — LBG, GMA News