Not much of an upgrade
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Standard and Poor’s gave the Philippines an upgrade, the first in 13 years that the country got from the three major international credit watchdogs, which will make a slight difference in the view of investors on the country since officially, the Philippines is still on a junk grade based on the system employed by these agencies.
A day after the S&P upgrade, Noynoy and his economic officials immediately lapped it up saying the ratings hike is evidence of improved confidence on the country as a result of the supposed commitment of the Arroyo administration on reforms and measures undertaken to improve the economic situation had taken hold.
So much to say for the S&P action which, going by the wording of the upgrade statement, appears temporary merely to encourage Noynoy to keep on the fiscal reform track.
The budget is expected to exceed a P300 billion deficit this year that would be the highest for the country after a P298 billion shortfall last year.... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/commentary/20101115com1.html
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