S&P upgrades RP outlook

S&P upgrades RP outlook

NEW YORK (AFP): The U.S. agency Standard and Poor's on
Wednesday raised its outlook on the Philippines' long-term credit
rating from negative to stable, citing continued export growth
and financial reform.

At the same time it maintained its long- and short-term
assessments on the country's local and foreign currency debt
ratings.

Standard and Poor's said export growth of nearly 18 percent
last year led to a small current account surplus, thereby
reducing the external financing needs of the Philippines.

In addition, it said, reforms to shore up the banking and
public finance sector, along with trade liberalization, "have
allowed the country to withstand a precipitous loss of private
foreign capital... without a contraction in output."

The agency also credited the country with "a relatively stable
and open political system."