Philippines Assets Stabilising

November 2004 | Market Strategy

The Philippines US$ Global 08 and Global 25 have stabilised at 107.89 and 105.50, respectively, following President Gloria Macapagal Arroyo's announcement that she expects the government to receive an extra PHP60bn (US$1.06bn) worth of revenues by early next year, mainly from electricity hikes and the passage of the 'sin tax' and Lateral Attrition bills. However, it appears that Arroyo is desperately trying to reassure investors, amid the possibility of an imminent credit rating downgrade. The IMF has urged more aggressive measures to rein in the country's fiscal deficit.

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