PH gets mixed credit ratings
(WorldNews Business)

Outlooks on the country`s creditworthiness differ after the economy officially entered recession in the second quarter. In a comment released late last week, ING Bank Manila senior economist Nicholas Antonio Mapa emphasized that credit rating agencies such as Moody`s Investors Service, Fitch Ratings and S&P Global Ratings have upgraded the Philippines to investment grade rating on the back of its solid economic growth, driven by strong consumption. “But what happens when solid, above-average growth no longer is achievable? With no consumption, government revenue streams dry up with the recent pandemic showcasing that point clearly,” he said. Mapa added that consumption, which accounted for...