Moody's: Elections good for Philippines

Moody's Investors Service said the apparent unambiguous victory of Benigno "Noynoy" Aquino III in the Philippines' presidential elections this week sets a favorable tone for the country's credit fundamentals.

A clear-cut triumph would remove the undercurrents of political illegitimacy that had accompanied the incumbent administration of Gloria Arroyo and had hamstrung its policy agenda, Moody's said.

The outcome of the race for the vice presidency - still unclear at this stage - may ultimately not have as much an effect on the Philippines' credit fundamentals as the caliber of the next cabinet and economic policy team, especially the candidate for finance secretary, the agency said.

Looking ahead, the agency said its concerns continue to center on whether the new administration can arrest the trend slippage evident in revenue performance, which has been exacerbated by the downturn in macroeconomic conditions during the global crisis.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.