Sign up | Log in



Home  >>   Daily News  >>   Philippines  News  >>   Finance  >>   Philippines looks for credit rating upgrades
NEWS UPDATES Asean Affairs        29  April 2011

Philippines looks for credit rating upgrades

Related Stories

April 22,2011
Philippines approves ADB loan for financial sector

March 31, 2011
“Friendly” Philippine banks targeted

March  21, 2011
Increase in Philippines interest rate seen

March  3, 2011
Philippines central bank hints interest rate hike

February  23, 2011
Philippines launches bond offering

The Philippines Department of Finance (DOF) said it made a case for an upgrade in the outlooks of international credit rating agencies on the Philippines, as the government looks to bag the elusive investment-grade status.

Finance Secretary Cesar Purisima told reporters Thursday that he presented last week a “strong case” before major credit rating agencies in the US to raise the Philippines’debt rating. “I told them to reconsider the Philippines as we are apparently two notches below Indonesia, which shall not be the case. Not to downgrade Indonesia but to upgrade us. I have high admiration [for] Indonesia as to how they are managing their fiscal position,” Purisima said. “I believe I presented a strong case, our cost of borrowing is already close to investment grade,” he said.

The finance chief met with Moody’s Investors’ Service in Washington, D.C., and with Standard and Poor’s and Fitch Ratings in New York City.

Moody’s maintains a Ba3 credit rating on the Philippines, or three notches below investment grade, but last January raised its outlook to positive from stable.

Fitch has a BB credit rating, which is two notches below investment grade, while Standard & Poor’s raised the country’s long term foreign currency credit rating one notch to BB from BB minus previously.

“It is crucial for us to attain an investment grade. When that finally happens, we can expect a surge in terms of investments coming into the country,” Purisima said, adding that most investors have guidelines as to where they would put their money.

“If you are not an investment grade, chances are it is a red flag for them [investors],” the finance chief said.

Also on Thursday, Japan Credit Rating Agency Ltd. (JCRA) affirmed its BBB minus credit rating on the Philippines, but raised its outlook from stable to positive on the back of the sovereign’s improving finances.

“The revision of the rating outlook reflects the greater possibility that the Philippine economy will resume momentum for the improving trend of its fiscal position after it weathered the challenges of the world financial crisis rather successfully,” Yoshihiko Tamura, JCRA chief analyst, said.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
  Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below




1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Today's  Stories    29  April 2011 Subsribe Now !
 • Cambodian rubber exports rise Subcribe: Asean Affairs Global Magazine
• Indonesia: China must cut palm oil duties Asean Affairs Premium
• Indonesia’s Yudhoyono asks for help with radicals
Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

• World Bank: Malaysia needs more reforms     
• Aluminum smelter plant for Malaysia

• Philippines looks for credit rating upgrades

• Silver futures offered in Thailand

• Thai call success rate needs improvement p

Asean Analysis    29  April 2011

Advertise Your Brand
• Guangxi to become Asean gateway Sponsor Our Events

Asean Stock Watch    28  April 2011

• Asean Markets to Extend Rally p

Global News Impacting Asia    17 November 2010


• Bank of America sees Asian inflation


• Lloyd’s increases insurance push in Malaysia


• Wells Fargo analyst on euro


• Obama’s visit to Asia


ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent

• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore
• Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline
• Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More


Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand