MANILA – President Rodrigo Duterte said Thursday he does not care about credit rating agencies after debt-watcher Standard and Poor’s warned that his bloody war on drugs and tough rhetoric raised questions on the predictability of the country’s economic policies.
The US-based S&P maintained its investment grade ratings on the Philippines’ sovereign debt but warned that an upgrade in the next two years was “unlikely.”
“Tapos sabihin nitong mga BB plus, credit. Wala akong pakialam sa inyo [And they raise this BB plus, credit. I don’t care about you],” he said.
The Philippines has a BBB rating from S&P. It also enjoys investment grade status with Moody’s Investor Service and Fitch Ratings.
An investment grade rating means the country can sell government securities to a wider pool of investors, giving it a better shot at raising funds for sorely-needed development projects.
Finance Secretary Carlos Dominguez said on Wednesday that contrary to S&P’s observation, Duterte has been “loud and clear” on his policy statements.
The debt-watcher’s assessment on the country is “quite fair at the moment,” Mike Enriquez, chief investment officer of Sun Life Financial Philippines told ANC’s “Market Edge with Cathy Yang” on Thursday.
Investors are “watching closely” whether Duterte can implement his 10-point plan to sustain the momentum of one of Asia’s fastest growing economies, Enriquez said.
SOURCE: ABS-CBN
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