By Jelly F. Musico
MANILA, Dec. 11 (PNA) – Malacanang has attributed the Moody’s stable outlook rating on the Philippines to the good governance that President Benigno Aquino III implemented since day one of his administration.
”From day one, the Aquino administration has subscribed to the idea that good governance is good economics, and this development stands to reaffirm this philosophy,” Presidential spokesman Edwin Lacierda said in a press statement.
On Thursday, the Moody’s Investors Service upgraded the Philippines’ credit rating one notch higher, from Baa3 to Baa2 with a stable outlook.
Among the factors that led to their decision, Lacierda said, were the administration’s reforms in the Bureau of Customs (BoC), continued efforts at budget transparency, and improvements as regards the structuring of the country’s debts.
Lacierda said it was the 21st positive credit rating action the Philippines has received from different agencies around the world since the Aquino administration came into office.
”And it occurs at a time when credit rating agencies have been relatively conservative with awarding upgrades,” he said.
”With these upgrades comes increased fiscal flexibility, and the Filipino people can be assured that our administration will continue channeling these gains towards the benefit of the broader spectrum of society, as we continue to tread the straight path towards a Philippines that is more prosperous, progressive, and inclusive,” Lacierda added. (PNA)