S&P Level up Philippine investment grade credit rating to "BBB" from "BBB-" & ST to "A-2" from "A-3"

 

Standard and Poor new credit rating for the Philippines raise up to "BBB" from "BBB-" & ST to "A-2" from "A-3": topnews.ae

S&P raises PHL credit rating a notch above investment grade

A year after it raised the Philippine sovereign debt rating to investment grade, Standard & Poor's Ratings Services again upgraded the country's foreign currency denominated and peso debts a notch above the coveted credit rating.

This time, the debt watcher gave the Philippines a long-term sovereign credit rating of "BBB" from "BBB-", and upgraded its short-term rating to "A-2" from "A-3".

“The outlook is stable,” the debt-watcher noted, signifying a change in the ratings will not likely happen in the next 12 months.

"We raised the ratings because we now believe the ongoing reforms to address shortcomings in structural, administrative, institutional, and governance areas will endure beyond the current administration," Standard & Poor's credit analyst Agost Benard noted in an e-mailed statement to reporters.

The debt watcher also noted the upgrade "reflects the country's strong external liquidity and international investment position, combined with an effective monetary policy framework relative to the country's income level," while maintaining low inflation and interest rates.

The upgrade from S&P came a month after Fitch Ratings affirmed the investment grade on the country's foreign currency denominated and peso debts.

S&P gave the Philippines an investment grade rating on May 2, 2013. It was the second upgrade from practically junk status since Fitch Ratings gave the Southeast Asian country its first ever investment grade status in March 2013.

In a separate statement, Finance Secretary Cesar Purisima noted the S&P upgrade was a recognition of the "remarkable economic comeback" the Philippines has so far achieved since President Benigno Aquino III took over the helm of government in 2010.

"This is further proof of President Aquino's belief that good governance is good economics," he said.

"We will continue to institutionalize good governance so our country's economic growth is both sustainable and inclusive. This has been the 19th positive credit rating action since President Aquino took office and the fourth upgrade from S&P," Purisima added.  

In raising the ratings, S&P said: "We expect ongoing reforms on a broad range of structural, administrative, institutional, and governance issues to endure beyond the term of the current administration."

Bangko Sentral Governor Amando M. Tetangco, Jr. said this is a major feat, as S&P did a straight upgrade without first assigning "... a positive outlook before upgrading the rating.

"This action is further affirmation of the country's strong macroeconornic fundamentals," he said, noting the Philippines has proven it can sustain growth since S&P raised the Philippine credit rating to investment grade last year, the central bank chief said.

The central bank will continue to support growth amid a low-inflation environment, Tetangco said.

"We stand ready to adjust our monetary policy stance and adopt macroprudential measures, as appropriate, to guard against risks that would unsettle inflation expectations and threaten the soundness of our financial system," he said.

"We will also continue to craft external sector policies that will help keep our external liquidity position strong," Tetangco added.  – VS, GMA News

 

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Team of Philippine Scientists starts Exploring the 14 Million has. "Benham Rise" New Philippine Territory

Benham Rise is a shallow bathymetric feature, east of Luzon, that towers above the adjacent deep ocean floor. The shallowest part, which is Benham Bank, is less than 50 meters deep. NAMRIA image

Scientists explore new Philippine territory bigger than Luzon

Philippine scientists have started to conduct surveys on the potentially oil-rich Benham Rise, a largely unexplored territory larger than Luzon recently approved by the United Nations as part of the Philippines' continental shelf.

The team, led by University of the Philippines (UP) oceanographer Hildie Nacorda of the UP Diliman Marine Science Institute (MSI), left May 3 on board a Philippine research vessel for the first-ever benthic survey of the 13-million hectare area off the eastern coast of Aurora province. The team aims to map the bottom of the ecological region of the sea.

Images from the Benham Rise Program, a collaborative research cruise between UP MSI, UPLB and BFAR. 

"At anchor at Benham Bank [with] 50-m and 2-knot currents. Trying drop cam[era] to take a peek at bottom. [We're] all okay. A few [are] seasick. Good weather!" the team said on Twitter on Tuesday.

On Tuesday afternoon, two of the researchers have touched the lowest part of Benham, reporting "120 percent coral cover." The members of the Benham Rise Program from UP also said they have captured "fascinating" videos of the benthic area.

Nacorda's group is expected to conduct surveys for two weeks which can pave the way for further research and exploration in the region, a UP statement said.

UP marine law expert Jay Batongbacal said that initial samplings from the undersea plateau point to huge deposits of natural gas and a rich source of manganese nodules. Batongbacal was part of the team that defended the Philippines' claim over Benham Rise before the UN Convention on the Law of the Sea panel, which gave its approval in April 2012.

MSI along with foreign research partners and a representative from the Philippine Navy set out for the first oceanographic survey of Benham Rise as part of the Philippines in 2012 following the UN approval. The Philippines was the sole claimant of Benham Rise.

The first group, aboard a vessel belonging to Scripps Research Institute,  investigated the effects of Pacific Ocean currents on the productivity of the seas in the eastern Luzon area.

Lead investigator Cesar Villanoy from UP said the undersea area is the "least studied of Philippine waters."

The Department of Environment and Natural Resources had said that Benham Rise is a potentially oil-rich region that may provide energy for the country and for export. 

"We own Benham Rise now. This is for future Filipnos," Environment Secretary Ramon Paje had said.

Named after American geologist Andrew Benham, the plateau was first mapped in 1933 when it was yet to be acknowledged part of the Philippine shelf. - philSTAR

 

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USA to build-transfer Nuclear Technology to Vietnam, Mindanao Brownout up to 2016 - Plants close jobless rise, Philippines DOE NGA-NGA!..

David Shear, US ambassador to Vietnam (L), and Nguyen Quan, Vietnam’s Minister of Science and Technology clap their hands after signing a civilian nuclear pact in Hanoi on Tuesday. PHOTO COURTESY OF VIETNAMNET

Nuclear Power for Mindanao on study for 200 years research- DOST ??

Mindanao businessmen have appealed to the government to consider setting up a nuclear power plant in the region, which has been experiencing daily rotating brownouts  since 2010  and expected to last until 2016 or beyond.

If renewable are insufficient to meet the economy-driven burgeoning demand for power, we need even to look into nuclear power.  Most countries in the world with cheap electricity have nuclear power.”

President Benigno Aquino III has expressed openness to a proposal to use modern nuclear power technology in Mindanao to address the power shortage in the region.

Aquino said what is important is to ensure that whatever nuclear power plant is built in Mindanao will conform to international safety standards, citing the radiation case in Fukushima, Japan.

"We will study that," Aquino said in a press briefing on Monday.

Former lawmaker Mark Cojuangco, during the 2012 power summit in Davao City, has proposed the use of small modular reactors, a relatively new and supposedly safer form of nuclear power, for Mindanao.

"There is an ongoing study (on the possible use of nuclear power in Mindanao) by the Department of Science and Technology," the President said. (Interaksyon)

Commentary: If the Philippine Government is serious to solve the Blackout in Mindanao which expected to last for more than 6 years, then only Nuclear Power is the answer. USA could grant a build and transfer of nuclear Technology for Mindanao like Vietnam . How long would it takes for DOST to Study? The technology is already there.... then what's the contribution of DOST? To build its own NUCLEAR Plant that would last for 100 or 200 years research? Even Geothermal plant technology are imported then what's the capability of DOST to make its own Nuclear power plant?

Noynoy Aquino loves challenge right? yeah we all love challenges so face this Mindanao Problem Mr. President now!. Let the AFP handle the peace and order and DOE to work for Power crisis because majority of the people in Mindanao are living in peace and wants this blackout to end NOW!!

Manufacturing plants in Mindanao are keep on shutting down because of the continous black out and lay-off or fired many employees... resulting to continuously rising of JOBLESS in Mindanao. 

Mindanao is safe and less prone from earthquake than Luzon. Many parts of Mindanao are "Fault-line Free" which means it's safe to build nuclear plants in those areas .. and DOST knew it.

US to tap Vietnam’s nuclear power market under new pact

The United States and Vietnam Tuesday signed a deal on civilian nuclear energy that will allow the US to transfer technology and sell its reactors to the Southeast Asian nation.

The so-called “123 agreement” was signed by US ambassador to Vietnam David Shear and Vietnam’s Minister of Science and Technology Nguyen Quan in Hanoi, under the authorization of President Barack Obama and Prime Minister Nguyen Tan Dung.

“This agreement will create opportunities for Vietnam to access the US modern technology in the nuclear power field, as well as pave the way for US companies to invest in Vietnamese market,” said Nguyen Quan.

Meanwhile, David Shear said the pact would build a solid foundation for the cooperation between Vietnam and the US in the civil nuclear sector.

Vietnam is pursuing nuclear energy in order to deal with its present shortage of energy. The country hopes nuclear power to provide more than 10 percent of its total power generation needs by 2030.- Thanh Nien News

 

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