Thursday, July 23, 2009

Moody's Investors Services has upgraded the Philippines credit score

While a few countries are still suffering and struggling with the financial crisis, the Philippines got a different treat from Moody's Investors Services. It has upgraded the Philippines credit score by a notch.

A vote of confidence, and certainly a good news.

This is the first time in 12 years that the country received a credit-rating upgrade from Moody’s, which the Philippines found to be the most difficult to please among credit rating agencies.

Tom Byrne, senior vice president of Moody’s, yesterday said in a statement that the Philippines’ financial sector remained strong despite the crisis, which had overturned the economies of most advanced countries.

He also cited the Philippines’ level of liquidity, as measured by its foreign currency reserves, which had reached a historic high of $39.6 billion. In that area, he said, the Philippines fared well, while the reserves of other economies dwindled.

“The upgrade was prompted by the relatively high degree of resiliency exhibited by both the country’s financial system and external payments position in the face of the global financial and economic crises,” Byrne said.
So, should we invest in the Philippines? Definitely....