RP economy resilient despite crisis – Moody’s

Moody’s Investors Service kept its positive outlook on the Philippines due to a strong banking system and steady balance of payments position amid the global economic downturn.

Moody’s senior vice president Tom Byrne said “the Philippines’ balance of payments and banking system have held up well to the global inflationary and credit market shocks of 2008, thereby placing the country’s external payments in a strengthened position to cope with the stresses likely to be encountered in 2009.”

Finance Secretary Margarito Teves welcomed the move of Moody’s, saying the government would focus on further increasing revenues to help improve the country’s credit rating.

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