After the country got its investment grade rating, what’s next? Simply put, rating upgrade is not enough, its means more work. Of course, congratulations are in order for the whole P-Noy team, especially Finance Secretary Cesar Purisima, for keeping their focus and steadfast efforts in steering the economy forward. For the uninitiated, Fitch Ratings last month issued an upgrade of the Philippines’ position from BB+ to BBB-, the three letters signifying investment grade status. Fitch is a global rating company that keeps tabs of a company’s or country’s credit standing. The Philippines relies on three agencies for these periodic ratings, and Fitch is considered to be the least tough. The other two agencies are Moody’s Investors Service and Standard & Poor’s, both of which have marked the country just a notch below investment grade. Often, it just takes a bit more time before Moody’s and S&P echo what Fitch had earlier announced. Yet this should not detract our bureaucracy from continuing to get the house in order for that time when investors start pouring in. And there is so much to do. Higher trust Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This latest investment upgrade, for example, will persuade investors to take a more serious look at the many business opportunities that the government is offering, something that was not given much attention because of a perceived general weakness in the state’s ability to guarantee robust returns. But since P-Noy took over the state leadership in 2010, his Read More …
Apr 102013