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AMONG the most noted accomplishments of the previous Aquino administration were the high ratings it received from the three international credit rating agencies – Fitch Ratings, Moody’s Investor Service, and S&P Global Ratings. The Philippines was lauded as among the leading economies in our part of the world, second only to China. Because of the ratings, the country paid lower interest on its foreign loans. It also attracted foreign investments, although very much below the level of our neighbors in Southeast Asia.
THE Philippine peso slumped to its lowest value in seven years to R48.41 per United States (US) dollar at the close of the Philippine Dealing System last Monday, rebounding slightly the next day. It was the lowest level since the R48.335 on September 15, 2009.Continue reading …