Palace: New S&P upgrade contributes to 'positive national mood'

Malacañang on Thursday welcomed the new investment grade rating from international credit firm Standard and Poor's (S&P), describing it as "the latest institutional affirmation" of President Benigno Aquino III's administration. Presidential spokesperson Edwin Lacierda also said that news contributed to the "positive national mood." "The news spread quickly among ordinary people who took ownership of the good news, which is a sign of how good news and optimism are truly contagious," Lacierda said in a statement. In giving the Philippines its second investment grade rating, S&P cited improvements in the country's macroeconomic fundamentals, particularly the decreasing reliance on foreign currency debt and moderating inflation. The improvement in the Philippines' credit rating came on the heels of news of increased unemployment and unchanged poverty levels in the country. Lacierda likewise said that the investment grade rating will "help in vital structural improvements for the benefit of the people." "It is further indicative of sustained confidence in the Philippine economy: of our collective resilience, optimism and growing potential amidst economic uncertainty," he said. — Andreo Calonzo/BM, GMA News