RP asks credit raters for more time

RP asks credit raters for more time

MANILA: The Philippines Central Bank has asked international credit rating agencies for more time to pass crucial revenue measures before downgrading the country's outlook.

The Today newspaper said on Tuesday governor Rafael Buenaventura was reacting to concerns of international creditors that revenue measures pending in Congress would not raise the amounts originally envisioned by President Gloria Arroyo.

"They (the ratings agencies) were just saying that 'I hope you guys know what you are doing.' But we told them to wait until they (the legislators) have finalized (the bill) before you judge the outcome," Buenaventura said.

Critics say the House version was watered down, and would raise only half the 14 billion-peso (US$249 million) annual target for the proposed legislation due to pressure from the affected industries. -- AFP