|
Tuesday, February 14, 2006
Arroyo welcomes Fitch credit rating hike
MANILA -- President Gloria Macapagal-Arroyo on Monday acknowledged the upgrade in the country's credit rating by Fitch Rating Agency, saying the economic reforms that the country adopted are slowly bearing fruit.
"Our efforts to improve the economy are beginning to bear fruit. And we thank Fitch Rating Agency for adding its voice to the upgrading of the Philippine credit rating outlook," said Arroyo, during the 11th foundation anniversary of Apayao province.
The President said aside from the rating upgrade, the country is also making headway in the peace process, particularly in the negotiations with the Moro Islamic Liberation Front (MILF) and in the campaign against illegal drugs, citing the recent raid in Pasig City showing majority of barangay residents being involved in the drug trade.
"The BIR (Bureau of Internal Revenue), Customs, DPWH (Department of Public Works and Highways), and other sensitive agencies have been gaining unprecedented ground. We are strengthening our enforcement against graft and corruption. But we need your support to unite the people in shoring up the economy and delivering its fruits for the benefit of the poor," she said.
Press Secretary Ignacio Bunye said the people, particularly the Filipinos' excellence and enterprise, must also be credited for the economic gains.
"President Arroyo has provided the roadmap for reform and the people took the wheel. We should not bicker on where the credit goes," said Bunye, who is also Presidential spokesman.
He added that the country was delighted over the Fitch upgrade. "That's two out of three, you (also) have Standard and Poor's (S&P) and now Fitch upgrading its credit outlook of RP," Bunye said.
S&P last Friday also upgraded the country's rating from negative to stable but Moody's opted to retain the present negative rating.
Fitch, in upgrading the credit rating from negative to stable, warned though that political uncertainty might still affect the country's credit worthiness.
On the Fitch report, Bunye said that "on the whole, it's very positive and that's the reason they're revising their credit outlook."
Presidential adviser for political affairs Gabriel Claudio said the disputed Executive Order (EO) 464 must also be credited for the sound economic gain that the country is enjoying as it helped stabilize the political situation.
"The government has used EO 464 judiciously but firmly in order to stabilize the political situation, thereby making the environment more conducive to investments and economic growth," he said.
"The current strength of the peso, the upward revision of our economic outlook by credit rating agencies, and improving confidence of investors can be attributed considerably to the abatement of acrimonious, destructive, and slanderous political noise, particularly in Congress, due to EO 464. Without the EO, sustaining the country's economic momentum would be a more difficult undertaking," he added. (JMR/Sunnex)
(February 14, 2006 issue)
Write letter to the editor. Click here.
Join the Sun.Star message board. Click here. |
|
|
|
[return to top]
[home]
|
|
Parish priest accused of rape defended, hit