MikeLigalig.com

by pna

Budget and Management Secretary Florencio Abad expects the Philippine economy to further proved its resiliency to bleak global economy following the upgrade to a notch below investment grade of its credit rating.

Moody’s Investors Service on Monday upgraded the country’s investment grade to “Ba1” from “Ba2” with ‘stable’ outlook after noting the continued improvement in economic and fiscal performance amid negative global economic developments, better medium term economic prospects, and stable financial system.

The upgrade brought the country’s credit grade level among the three major debt watchers, including Fitch Ratings and Standard & Poor’s (S&P), at the same level.

Abad thanked Moody’s for the upgrade, saying that this brought the country “one step closer to investment grade.”

“The upgrade affirms what the Aquino administration’s efforts to ensure the country’s economic resilience and widen more opportunities for growth amidst the global economic slowdown,” he said.

He said improvement in the country’s credit rating “means that there are greater expectations from the international community on our fiscal performance.”

“President (Benigno) Aquino (III) is intent on fulfilling these expectations, and we in the DBM are equally inspired to take the necessary measures to ensure faster and more efficient spending across the bureaucracy, even as we adhere to the principles of open, transparent, and accountable budgeting,” he said.

Similarly, Abad said the upgrades would enhance DBM’s ability to put in necessary reforms in the government.

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