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Palace: Credit rating upgrades for PHL boost investments, benefit Filipinos

Posted on August 4, 2015

By Leslie D. Venzon

MANILA, Aug. 4 (PNA) — Malacanang on Tuesday said credit rating upgrades for the Philippines and robust economic growth are attracting more investments that create jobs.

Presidential Communications Operations Office Secretary Herminio Coloma Jr. reacted to Vice President Jejomar Binay’s version of the state-of-the-nation address (SONA) which downplayed the benefits of credit rating upgrades to ordinary Filipinos.

Coloma said more middle-income Filipinos particularly the overseas workers and those belonging to the business process outsourcing (BPO) sector are acquiring properties and buying cars due to low interest rates which are the outcome of the country’s investment grade rating.

“Ang buhay ng negosyo ay nasa pautang at ‘yung pautang nagiging attractive ito kapag mababa ang interes, at magiging mababa lang ‘yan kung maayos ang ating credit standing. Lahat na po ng mga grupo ng negosyante [ay] nagbibigay ng mataas na marka sa ating bansa,” he said in a Palace press briefing.

Coloma said investors have been flocking to the Philippines and more companies are lining up to get into the country.

“…Buong-buo ‘yung kumpyansa nila—maglalagay sila ng puhunan, makakapagtayo sila ng maayos na negosyo, makapaglilika po tayo ng mas maraming trabaho—at napaka-inam din po niyan para sa atin din pong mga infrastructure,” he said, recalling President Aquino’s recent visit to Japan.

The Palace official added that the country has been implementing public infrastructure programs while long-term funds for infrastructure finance are available because of higher credit ratings of the Philippines.

“Malayong-malayo na po ang narating natin, kaya nga po napakaraming mga negosyante na tumataya sa ating bansa, tumataya ng malalaking halaga dahil mataas ang kumpyansa nila sa kinabukasan ng bansang Pilipinas,” he added. (PNA)

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