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Tuesday, February 15, 2005
Government awaits Moody's report on credit status
PRESS secretary and presidential spokesman Ignacio Bunye Monday said Malacañang is waiting for Moody's Investor Service to release its report and confirm the fears of the country's economic officials.
Bunye was reacting to the projection of Bangko Sentral Gov. Rafael Buenaventura that Moody's will downgrade the Philippines' credit rating by at least one notch.
"We just have to wait for that to happen but we believe the reforms of the President have been on the right track and we are feeling the effect of these reforms through various ways. We have a very strong stock market, the currency is strengthening, our exports are up and our economic macro figures are very good," Bunye said.
He said government cannot influence a "very independent" credit rating agency like Moody's into considering other factors, such as the recent removal of the Philippines from the Financial Action Task Force's list of non-cooperative countries and territories.
He said manifestations of an economic recovery and confidence in the Philippine economy and Philippine leadership are "very strong."
Bunye appealed to the local media to "at least project the good sides of the happenings in the Philippines" and to "emphasize the gains we have made during the past few years" through fair and balanced reporting.
"The accomplishments of the Philippine Government through President Arroyo will be better appreciated especially by the international media," he said.
He said the economic team is doing what is necessary to "have a better projection of the Philippine economy and the Philippine government."
Fitch Ratings has downgraded the Philippines' economic outlook by a notch while Standard & Poor's reduced the country's rating by a notch, bringing relief to the business community, which expected a two-notch downgrade.
After S&P's downgrade last month, Arroyo met with heads of media agencies to explain to them the contribution of negative reports on the downgrade and its impact on the economy, particularly interest payments. (RB)
(February 15, 2005 issue)
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