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