philippines wins fitch upgrade
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

despite drug war

Philippines wins Fitch upgrade

Arab Today, arab today

Arab Today, arab today Philippines wins Fitch upgrade

President Rodrigo Duterte.
Manila - Arab Today

The Philippines on Monday was handed a credit rating upgrade from international agency Fitch which raised the nation's sovereign rating by one level, citing continued investor confidence despite a deadly drug war.

President Rodrigo Duterte has launched an unprecedented crackdown on drugs that has killed thousands and sparked widespread condemnation of alleged extrajudicial killings from rights groups and Western powers.

The bloody campaign has also risked detering investors from one of Asia's fastest growing economies.

However, Fitch raised the rating on the Philippines' long-term foreign currency denominated debt from BBB- to BBB with a stable outlook, saying the nation's strong macroeconomic performance had continued.

"There is no evidence so far that incidents of violence associated with the administration's campaign against the illegal drug trade have undermined investor confidence," Fitch said in a statement.

The upgrade puts the Philippines on par with Italy and ahead of Indonesia, according to Bloomberg.

The Philippines enjoyed strong economic growth during the previous administration of Benigno Aquino.

Fitch, as well as competitors Standard and Poor's and Moody's rating agencies, in 2013 raised the Philippines to investment grade level for the first time, indicating a lower risk to investors.

Following Duterte's election 17 months ago, S&P warned his war on crime was threatening the Philippines' economy and endangering its democratic institutions.

In September this year, Moody's also said the drug war and conflict with Islamist militants in the south posed a "rising" risk to the economy.

However Fitch on Monday said economic performance had remained strong, owing to "sound policies that are supporting high and sustainable growth rates".

"Investor sentiment has also remained strong, which is evident from solid domestic demand and inflows of foreign direct investment," it added.

The Philippine economy grew 6.9 percent in the third quarter of 2017, remaining one of the best performing economies in Asia.

Fitch said the Duterte administration's tax reform bill would boost revenue.

The measure, which includes lowering income taxes and raising levies on fuel, sugar and car purchases, is expected to be passed this month.

Fitch added the government's plans to boost infrastructure spending would support robust growth.

"That's good news and (a) reaffirmation of the Philippines' progress under Duterte," presidential spokesman Harry Roque said of the upgrade.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

philippines wins fitch upgrade philippines wins fitch upgrade

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

philippines wins fitch upgrade philippines wins fitch upgrade

 



GMT 10:10 2017 Thursday ,09 February

3 Important Elements You Have to Consider

GMT 04:03 2017 Monday ,24 April

Bella Hadid ‘dying’ to visit Palestine

GMT 19:25 2016 Wednesday ,25 May

The Brooklyn Desk by Oeuf NYC

GMT 07:49 2018 Friday ,05 January

2 Russian servicemen killed

GMT 07:58 2018 Monday ,01 January

Italy orders N. Korea's envoy to leave

GMT 08:45 2017 Wednesday ,20 December

US military imagines war without GPS

GMT 17:26 2017 Sunday ,17 December

Putin thanks Trump for help in foiling attack plot

GMT 22:19 2017 Monday ,16 October

Cairo-hosted Fatwa conf. new contribution

GMT 02:27 2016 Friday ,10 June

Video hints Japan abetting illegal ivory trade

GMT 07:04 2017 Wednesday ,19 April

1,883 Bahrainis found jobs in March

GMT 14:24 2016 Tuesday ,22 November

Citi and JPMorgan top list of ‘globally banks’

GMT 21:43 2017 Friday ,01 September

People question Nazaruddin`s repatriation expenses

GMT 09:41 2017 Wednesday ,19 April

OIC concerned over violence in Mali

GMT 01:30 2017 Friday ,27 October

May22/Jun21

GMT 05:38 2016 Friday ,30 December

Dubai Airports divert 13 flights due to heavy fog

GMT 11:38 2017 Saturday ,14 January

Mexico names new ambassador to US

GMT 12:03 2017 Wednesday ,22 March

Kuwait to mark World Water Day

GMT 15:00 2017 Wednesday ,27 September

HM King receives invitation from Egyptian President

GMT 02:45 2017 Tuesday ,05 December

President Bashir arrives in Chad

GMT 02:45 2017 Wednesday ,16 August

Turkmen President Visits Pakistan
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday