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S&P says Philippine economy a 'rare bright spot'
The economic forecast for many countries these days ranges from shaky to dismal, especially among industrialized countries. Yet, the Philippines and Indonesia stand out as rare examples of emerging Asian economies with positive rating outlooks.
According to a report titled "Two Emerging Asian Economies Stand Out With Positive Outlooks Amid Sobering Economic News Elsewhere," just published on RatingsDirect, Standard & Poor's Ratings Services said that these two countries were among only 10 in the world that have positive rating outlooks, and none were industrialized economies.
@Free & Equal
Paki-Tagalong naman po ito para sa mga bitter na di na marunong bumasa ng Ingles simula ng ma-convict si Corona.
“Such outcomes are the result of expenditure restraint and improved revenue performance,”
Moody’s said favorable macro-economic indicators would help increase investments, which would accelerate the overall growth of the economy.
ay naku, mangangalahati na ang termino ni PeNot, puro outlook pa din. 'Ala pang good results.
Simultaneous to that, an agreement between BS Aquino III and a foreign finance company, Macquarie Group Ltd. of Australia, was reached to create the Philippine Investment Alliance for Infrastructure (PInAI, like Pinay for Aussies) that will set up an infrastructure fund, whereby the Government Service Insurance System (GSIS) will contribute $300 million and the Australian firm $50 million for so-called public-private partnership (PPP) projects.
Going by the foreign financial agent's negligible contribution, the inexplicable thing is, why would anyone even go for such a tie-up, especially when the Philippines has its own Special Deposit Account (SDA) in the Bangko Sentral ng Pilipinas (BSP) worth around P1.7 trillion, or 12 times the amount of the P130 billion needed to fund the projects this year?
[snip]...the more important issues, foremost of which is the country's debt service. In April of this year alone, our country had already paid out P38.6 billion on principal and P16 billion in interest, or a total drain of around P55 billion.
But more than that, government even has a $2.5-billion borrowing program for the year despite the fact we have P1.7 trillion lying idle in the BSP and foreign reserves of up to $72 billion — as against a debt of $60 billion.
Sige utang pa tayo sabi ng mga credit agencies para palaguin ang mga local oligarchs at ang mga foreign loansharks. Pinag gagastusan ng gobyerno pero mapupunta sa private ownership ng mga oligarchs. Gaya ng mga nangyari sa mga income generating Power assets natin na binenta nila na nagpataas sa singil sa kuryente na nagpahina sa competitiveness ng mga local industries natin para lang makabayad sa mga stranded debts dahil sa mga IPP's onerous Sovereign guarantee contracts na may take or pay provision. This is pure and simple Predatory Capitalism of the Corporatocracy as an insider like John Perkins, a former economic hitman, said.
If, as pointed out in the other thread, only ten economies worldwide achieved economic growth (and in the case of PH, likely driven by increased spending) and all of them not industrialized, then this is something that we should probably see in light of this rating.
so hindi ba ok ang magkaroon ng moody's positive outlook?