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Philippines gets outlook upgrade from Malaysia’s RAM Ratings

 

Prospects getting better than ever in the Philippines despite all the noise.

Malaysia-based RAM Ratings has given an upgrade for the Philippines credit standing as it bumped up the outlook from “stable” to “positive,” the government’s Investor Relations Office announced on Monday, Sept. 11.

RAM Ratings said the upgrade was warranted as they saw the continued robust economic growth as well as rising foreign investments to the country, coupled with the government’s efforts to cut red tape and boost infrastructure under President Rodrigo Duterte.

“Continuous efforts to reduce red tape, simplify regulations and streamline business processes bode well for investors, having led to improved competitiveness and ease of doing business rankings,” the debt watcher from Kuala Lumpur added.

A “positive” outlook means that the Philippines’ existing global scale rating of BBB3 — the minimum grade — and regional scale rating of A1 from RAM have chances of getting upgraded over the short term.

Securing a higher rating would make the Philippines more attractive to foreign investors.

“The positive outlook from RAM Ratings is another confidence vote in the Duterte administration’s resolve to grow the Philippine economy and achieve financial inclusion through the ‘Build, Build, Build’ program while maintaining fiscal discipline and ensuring this infra buildup’s sustainability via a comprehensive tax reform program (CTRP),” Finance Secretary Carlos Dominguez III said in the statement.

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