Malacanang said on Saturday that the Standard & Poor’s move in upgrading its outlook for the Philippines to positive from stable reflects the strength of the country’s financial system amidst the present global economic uncertainties.
During an interview aired over government-run dzRB Radyo ng Bayan on Saturday, Deputy Presidential Spokesperson Abigail Valte attributed the Standard & Poor’s outlook upgrade to the reforms being implemented by the Aquino administration.
Valte said the government is optimistic that this outlook improvement will translate into a much-deserved credit rating upgrade in the near future.
“Ngayon po kasi two notches below investment grade pa tayo. Kung magtuloy-tuloy po ‘yung mga iba pang mga reporma and strengthening of the financial system, mas mapapadali po ‘yung actual credit rating upgrade,” Valte said.
According to Finance Secretary Cesar V. Purisima, the outlook improvement is the fifth positive credit rating action made by various agencies for the Philippines since President Benigno S. Aquino III took office.