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Malacanang cites S&P credit upgrade for strengthening peso

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Philippines - Filipino currency, Peso bank notes - photo by B.Henry

Philippines – Filipino currency, Peso bank notes – photo by B.Henry

Malacanang cited international credit rating firm Standard & Poor’s (S&P) recent credit upgrade of the Philippines for the strengthening peso.

In a press briefing aired over government-run radio station dzRB Radyo ng Bayan, Deputy Presidential Spokesperson Abigail Valte said that with the credit upgrade, the Philippine Peso now ranks third on the list of best performing currencies in the world.

“Yung isa pa hong good news natin, the Philippine peso ranks third in the list of best performing currencies in the world, of course, according to Standard and Poor’s rating services,” Valte said.

She added that this development, together with the 28th record close for the Philippine Stock Exchange index and the inclusion of the PSEi as the fifth in the list of “hottest” stock markets in the world has greatly improved the investment climate in the country.

In a statement, S&P said it increased the country’s rating from BB+ to BBB-, the minimum investment grade, on account of the country’s improving macroeconomic fundamentals.

It said the upgrade on the Philippines was due to its “strengthening external profile, moderating inflation, and the government’s declining reliance on foreign currency debt.”

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