Palace upbeat about Standard & Poor's upgrading of country's financial system
Malacanang said on Saturday that the Standard & Poor’s move in upgrading its outlook for the Philippines to positive from stable reflects the strength of the country's financial system amidst the present global economic uncertainties.
During an interview aired over government-run dzRB Radyo ng Bayan on Saturday, Deputy Presidential Spokesperson Abigail Valte attributed the Standard & Poor’s outlook upgrade to the reforms being implemented by the Aquino administration.
Valte said the government is optimistic that this outlook improvement will translate into a much-deserved credit rating upgrade in the near future.
"Ngayon po kasi two notches below investment grade pa tayo. Kung magtuloy-tuloy po ‘yung mga iba pang mga reporma and ang strengthening of the financial system, mas mapapadali po ‘yung actual credit rating upgrade," Valte said.
According to Finance Secretary Cesar V. Purisima, the outlook improvement is the fifth positive credit rating action made by various agencies for the Philippines since President Benigno S. Aquino III took office. (PCOO)
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Aquino wants review of govt crisis response after devastating Mindanao typhoon
President Benigno Aquino III wants a review of the government’s disaster response manual to prevent unnecessary loss of lives in the aftermath of the devastation of Typhoon Sendong in Mindanao.
The president was briefed by several government agencies in Camp Aguinaldo on Saturday regarding their response to the devastation brought about by Typhoon Sendong, which left more than a hundred people dead and hundreds still missing.
The chief executive also wants a more accurate and effective typhoon tracking system so that communities along typhoon path could have enough time to prepare before such disturbance hits.
Areas vulnerable to flash floods must be identified for the government to issue immediate warnings during heavy downpours and typhoons, the President said.
At the same time, the President instructed concerned government agencies to do necessary preparations and brace for the entry of Typhoon Sendong in Palawan, the next place expected to be hit by the typhoon based on recent forecasts.
During the briefing with the President, the National Disaster Risk Reduction and Management Council (NDRRMC) said that the death toll could be 130 as of Saturday noon. This figure may continue to rise, it said.
At least 260 people are missing, all of them from Iligan City, according to the NDRRMC.
In its report to the President, the Department of Social Welfare and Development (DSWD) said it is sheltering hundreds of people in Cagayan de Oro City, Iligan City and other areas. It has so far distributed food packs Saturday morning which could last for three days. It is planning to distribute more food packs.
With regards to the current search and rescue efforts, police and military officials told the President about the need for more rubber boats for their missions. They said rescue efforts as well as salvaging dead bodies will continue once the weather improves. (PCOO)
Malacanang said on Saturday that the Standard & Poor’s move in upgrading its outlook for the Philippines to positive from stable reflects the strength of the country's financial system amidst the present global economic uncertainties.
During an interview aired over government-run dzRB Radyo ng Bayan on Saturday, Deputy Presidential Spokesperson Abigail Valte attributed the Standard & Poor’s outlook upgrade to the reforms being implemented by the Aquino administration.
Valte said the government is optimistic that this outlook improvement will translate into a much-deserved credit rating upgrade in the near future.
"Ngayon po kasi two notches below investment grade pa tayo. Kung magtuloy-tuloy po ‘yung mga iba pang mga reporma and ang strengthening of the financial system, mas mapapadali po ‘yung actual credit rating upgrade," Valte said.
According to Finance Secretary Cesar V. Purisima, the outlook improvement is the fifth positive credit rating action made by various agencies for the Philippines since President Benigno S. Aquino III took office. (PCOO)
.
Aquino wants review of govt crisis response after devastating Mindanao typhoon
President Benigno Aquino III wants a review of the government’s disaster response manual to prevent unnecessary loss of lives in the aftermath of the devastation of Typhoon Sendong in Mindanao.
The president was briefed by several government agencies in Camp Aguinaldo on Saturday regarding their response to the devastation brought about by Typhoon Sendong, which left more than a hundred people dead and hundreds still missing.
The chief executive also wants a more accurate and effective typhoon tracking system so that communities along typhoon path could have enough time to prepare before such disturbance hits.
Areas vulnerable to flash floods must be identified for the government to issue immediate warnings during heavy downpours and typhoons, the President said.
At the same time, the President instructed concerned government agencies to do necessary preparations and brace for the entry of Typhoon Sendong in Palawan, the next place expected to be hit by the typhoon based on recent forecasts.
During the briefing with the President, the National Disaster Risk Reduction and Management Council (NDRRMC) said that the death toll could be 130 as of Saturday noon. This figure may continue to rise, it said.
At least 260 people are missing, all of them from Iligan City, according to the NDRRMC.
In its report to the President, the Department of Social Welfare and Development (DSWD) said it is sheltering hundreds of people in Cagayan de Oro City, Iligan City and other areas. It has so far distributed food packs Saturday morning which could last for three days. It is planning to distribute more food packs.
With regards to the current search and rescue efforts, police and military officials told the President about the need for more rubber boats for their missions. They said rescue efforts as well as salvaging dead bodies will continue once the weather improves. (PCOO)
