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Sunday, July 05, 2009


National Economic and Development Authority (NEDA) welcomed Standard &
Poor's Ratings Services affirmation of its long-term "BB-" and short-term
"B" foreign-currency sovereign credit rating on the Philippines as well as
its "BB+" long-term and  "B" short-term local currency sovereign credit
ratings. S&P's outlook for the country on both the long-term ratings is

"We are heartened by S&P's affirmation of the stable outlook on the
Philippines' credit ratings. We will remain vigilant as we continue to take
whatever action is needed to further strengthen our growing economy,"
Socioeconomic Planning Secretary and NEDA Director-General Ralph G. Recto

He said "the message of S&P's affirmation of the Philippines' credit
ratings and the stable outlook on the ratings is that the country is
relatively resilent to the global financial crisis".

"The Philippines is still a growth story. Our message today for investors
is for them to continue to believe in the Philippines and invest in the
Philippines," Recto stressed.

For his part, NEDA Deputy Director-General Rolando G. Tungpalan, who is
also presidential economic spokesperson, noted the "S&P saw the tough
economic decisions and the appropriate economic policies adopted by the
Philippine government".

"These are what enabled the country to post growth and remain resilient
amid the global economic downturn. We are working even harder now to
sustain growth and create more jobs for our people," Tungpalan said.

He added: "S&P believes that the Philippines will continue to b a growth
story. In its June 2009 Asia Pacific Sovereign Report Card, S&P forecasted
a 1.3 percent real GDP growth for the Philippines this year which is well
within the government's 0.8 to 1.8 growth forecast."

"In fact, of the 21 countries mentioned in that report, only 9 countries
are projected to post positive growth rate this year and the Philippines is
one of them," Tungpalan pointed out.

The other countries in the Asia Pacific region that were projected to post
positive growth in 2009 are China, India, Indonesia, Mongolia, Pakistan,
Papua New Guinea, Sri Lanka and Vietnam.

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