Better interest rates on car loans part of
benefits from Philippine credit rating’s upgrade
A Palace official said on Sunday that Filipinos
who avail of car loans can expect to pay lower monthly installments after
international credit rating firm Standard and Poor’s raised the Philippines’
credit rating to investment grade recently.
In a press briefing aired over government run
radio station dzRB Radyo ng Bayan, Deputy Presidential Spokesperson Abigail
Valte said better interest rates on car loans are just part of the myriad of
benefits the country and the Filipinos can expect from the credit upgrade.
“At least, for those who avail of the car loans,
you would know that you would be able to get a better rate on the interests on
the loans that you take out because of the credit rating upgrades po natin. And
that’s just one of those things that you can—that the ordinary Filipino can
feel,” Valte said.
In a statement, S&P said it increased the
country’s rating from BB+ to BBB-, the minimum investment grade, on account of
the country’s improving macroeconomic fundamentals.
It said that the upgrade on the Philippines was
due to its “strengthening external profile, moderating inflation, and the
government’s declining reliance on foreign currency debt.”
Valte said the credit upgrade will most
definitely improve the investment climate in the country as it “encourages and
it inspires more confident foreign investors to come and to see the country.”
“…and it gives them more confidence at least to
invest and put their money here and we all know that would create more jobs,”
Valte said.
The upgrade in the country’s credit rating came
after S&P raised its growth forecast for the Philippines for this year from
5.9 to 6.5 percent. PND (rck)
Malacanang cites S&P credit upgrade for
strengthening peso
Malacanang cited international credit rating
firm Standard & Poor's (S&P) recent credit upgrade of the Philippines
for the strengthening peso.
In a press briefing aired over government-run
radio station dzRB Radyo ng Bayan, Deputy Presidential Spokesperson Abigail
Valte said that with the credit upgrade, the Philippine Peso now ranks third on
the list of best performing currencies in the world.
"Yung isa pa hong good news natin, the
Philippine peso ranks third in the list of best performing currencies in the
world, of course, according to Standard and Poor’s rating services," Valte
said.
She added that this development, together with
the 28th record close for the Philippine Stock Exchange index and the inclusion
of the PSEi as the fifth in the list of "hottest" stock markets in
the world has greatly improved the investment climate in the country.
In a statement, S&P said it increased the
country’s rating from BB+ to BBB-, the minimum investment grade, on account of
the country’s improving macroeconomic fundamentals.
It said the upgrade on the Philippines was due
to its “strengthening external profile, moderating inflation, and the
government’s declining reliance on foreign currency debt.” PND (rck)
