Fitch gives Philippines
Positive Rating

MANILA, PHILIPPINES - Fitch, an international ratings agency, recently gave the Philippines 'stable' ratings.

The ratings came out after the agency cited an improved fiscal outlook in the Philippines brought about by increasing business confidence, the record-high OFW (overseas Filipino workers) remittances and the improved political stability.

"The world is taking notice of our political stability and we must match our positive credit ratings with better security ratings in the drive for the rule of law," said Ignacio Bunye, Press Secretary and Presidential Spokesperson.

This development is crtical to the Philippines as this will mean more investments and jobs, lower debt payments, and more social services.

"The Filipino people shall be the prime beneficiaries of our economic strength, and every centavo we save and spend shall be accounted for with diligence and vigilance," Bunye added.

The Philippines rightly deserves the rating given by Fitch because of the economic gains registered by the country. President Gloria Macapagal-Arroyo has been working hard days and nights to give the Filipinos a brighter future to hope for.

2/18/06

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