Tuesday, 14 April 2009

Philippines welcomes Moody's positive rating

MONDAY, APRIL 13, 2009 | ECONOMY
http://www.gov.ph/news/?i=24176

MANILA (PNA) -- Malacanang on Monday welcomed the positive outlook given by Moody’s Investors Service on the Philippines, saying it is a recognition of the government's effective management of the economy despite the global financial turmoil.

Deputy Presidential Spokesperson Lorelei Fajardo said the positive outlook is an indication that the Philippines still enjoys the international community's confidence.

”This is wonderful and we're very flattered. We're happy that we still have the confidence of the international community and the recommendation of Moody's. Those are noted,” Fajardo said.

In its annual report, Moody's said the country’s external payments position is stronger than a year earlier due to continuing large inflows of remittances from overseas Filipino workers (OFWs).

The report said the country’s economic growth in 2008 slowed, but did not collapse late in the year, as it did elsewhere, due to the steady increase in OFW remittances.

”Moody's did not only confirm the positive ratings but they also consider the upgrade rating despite the recession. This is a resounding praise for the president's policies. This would serve as an inspiration for all of us to work even harder,” Fajardo said.
(PNA)
DCT/jmc

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