Aside from the typhoon that wreaked havoc on Northern Luzon these past two days, another bagyo made itself felt, this one, centered in Pampanga:
Girl, anong katol hinihithit mo? Lakas ng tama mo ha, lol.
Girl claims the Aquino administration squandered the economic gains of her administration. (Gains that are easily rejected by NGO think-tank IBON Foundation.) While she was absent from her plunder case hearing at the DOJ, the rest of the world has acknowledged the fiscal policies of President Aquino. Last week, Moody’s and Fitch have upgraded the credit ratings of the Philippines, to Ba2 from Ba3, and to BB+ from BB. In November 2010, Standard & Poor’s also upgraded its outlook on the Philippines, the first time it did since 1997, to BB.
The ratings lower the country’s cost of debt and are used as a gauge by foreign investors. From Bloomberg BusinessWeek:
The government has done a good job during the last year (so this is Aquino’s and girl can’t lay a hand and claim this—J) with a better-than-expected control on its budget deficit,” said Jetro Siekkinen, a fund manager in Helsinki at Aktia Asset Management, which owns both peso and dollar bonds sold by the Philippines among $10 billion of assets under management. “The economy is not highly dependent on China. The central bank is doing a good job keeping inflation in check. Things are definitely going in the right direction.”
President Benigno Aquino has gone after tax evaders and smugglers to convince investors he can boost revenue to narrow a record budget shortfall. Higher debt ratings reduce the cost of borrowing, making it cheaper for the Philippines to sell debt to fund spending on roads, bridges and schools.
The decision was driven by “the progress made in fiscal consolidation by the new Aquino administration; and the sustained nature of macroeconomic stability, coupled with continued strength in the external payments position, against a background of a significant pick-up in the momentum for economic growth,” Moody’s said.
The report continued:
The Philippines reported a budget surplus of 26.3 billion pesos ($607 million) in April as revenue rose and spending fell. The surplus was 61 million pesos in the first four months, compared with a deficit of 131.80 billion pesos in the same period in 2010.
We have a budget surplus. It’s not in the pockets of corrupt politicians and it wasn’t used to buy houses in the US; it’s right there.
Ito lang naman talaga gusto ko’ng marining kaya ko binoto si Aquino, yung maitama yung mga mali. Ayoko sa magnanakaw. (Kaya nga malaki din galit ko sa plagiarists.)
For further reading: ‘Aquinomics’: What difference has it made?