This in turn enables industries to expand and buy canada goose
canadian goose jacket Philippines wins first investment grade rating from Fitch
buy canada goose jacket MANILA (Reuters) Fitch Ratings raised Canada Goose Parka the Philippines credit rating to investment grade on Wednesday, a first for the Southeast Asian nation, in a canada goose store move expected to boost investment and lift the country long term growth potential.
The Fitch Ratings building is seen in New York May 7, 2010. REUTERS/Jessica Rinaldi/Files
Canada Goose Parka The one canadian goose jacket notch upgrade to buy canada goose jacket cheap is a canada goose clearance vote of confidence in the government efforts to achieve fiscal sustainability, curb corruption and increase infrastructure spending, uk canada goose and comes as a growing number of much larger economies in the West struggle to avoid credit rating downgrades.
Philippines sovereign external balance sheet is considered strong relative to range peers, let alone and category medians, Fitch https://www.canadagooseonline.org canada goose coats on sale said in a statement, Canada Goose sale adding a persistent current account surplus underpinned by remittance inflows has helped the canadagooseonline.org country become a net external creditor.
Canada Goose Jackets Fitch also said Manila has had stronger and less volatile growth than its peers over the last five years, and expects trend GDP growth of 5 5.5 percent in coming years.
cheap Canada Goose President Benigno Aquino, who took office nearly three years ago, wants to achieve record economic growth of 8.5 percent under democratic rule before he steps down in 2016 by creating more canada goose coats jobs and increasing income levels in a country where nearly a third of its 96 million people live below the poverty line.
canada goose coats on sale means much more than lower interest rates on our debt and more investors buying our securities, Aquino said in a statement read by his spokesman at the presidential palace.
companies in the real economy can now consider us an investment destination. Investment grade for sovereign debt should also lead to lower borrowing costs for Philippine companies in international cheap Canada Goose markets, consequently allowing for higher valuations for their securities. This in turn enables industries to expand and buy canada goose jacket generate more jobs for our countrymen.
canada goose clearance The upgrade is likely to attract further capital inflows, which are uk canada goose outlet already posing challenges for many policymakers across Asia as global investors flock to the region canada goose in search of higher returns.
Shielding the peso currency and the economy from the impact of large inflows Canada Goose online of foreign canada goose uk black friday money has already strained the central bank resources.
buy canada goose jacket cheap POLICY CHALLENGE upgrade of the Philippines will certainly boost investment confidence in the country, which is seeing strong growth momentum and improved public finances. However, more work canada goose uk outlet needs still need to be done, particularly pushing through reforms to increase investment as well as government revenue, said Bernard Aw, an economist at Forecast Pte in Singapore.
upgrade is expected to further boost capital inflows, which Canada Goose Coats On Sale could make the job of managing liquidity more challenging for the BSP (Bangko Sentral ng Pilipinas, or central bank).
BSP has a deep toolkit. Our current set of policy tools have so far canada goose uk shop been effective in minimizing the adverse impact of inflows on domestic liquidity and exchange rate volatility.
canada goose still have macroprudential tools Canada Goose Outlet that can be cheap canada goose uk lined up. The current benign inflation outlook gives us room to refine our set of market instruments and to deploy macroprudential tools as may be appropriate.
UPGRADE EXPECTATIONS Investors have already been pricing Philippine bonds at levels similar to investment grade nations. But by having it made official by Fitch, Canada Goose Jackets it will reduce the country borrowing costs and widen Manila base of potential investors.
Fitch earlier had a stable outlook on the Philippines and made the unusual canada goose clearance sale move of canada goose black friday sale upgrading it straight to investment status, rather than bumping up the outlook first.
Canada Goose Outlet Some funds require two of the three main global rating agencies to upgrade sovereign debt to investment grade status before they are allowed to invest.
Standard Poor raised its rating outlook for the Philippines to positive from stable in December and said it could be awarded investment grade status if it follows through on reforms to improve revenues and boost growth.
canada goose store Moody Investors Service also has the Philippines at one notch below investment grade, with a stable outlook.
canada goose deals Philippine sovereign bond prices rose 25 to 75 cents on news of the upgrade, with the benchmark 2037 bonds hitting 115.125/115.50, though profit taking soon emerged.
canada goose clearance sale The peso rose nearly 7 percent last year, and extended those gains by another 1.2 percent by mid January. It last stood at 40.825, up about 0.5 percent so far this year.
canada goose black friday sale The Philippines was regarded as one of the most promising economies in the region in the 1950s but turned into an economic basket case under the long dictatorship of Ferdinand Marcos, when economists labelled the country sick man of Asia
Canada Goose online In recent years, it has seen a major transformation, attracting strong capital inflows thanks to the economy resilience, backed by robust domestic demand, and expectations it would be promoted to investment grade status this year.
canada goose coats In 2012, the Philippines economy grew 6.6 percent, the fastest growth in Canada Goose Online Asia after China, prompting many analysts to canada goose factory sale raise their growth outlooks for the country and earning it the title tiger of Asia. (Reporting by Karen Lema and Rosemarie Francisco; Editing by Kim Coghill).