Statement of Secretary Cesar V. Purisima:

I would like to thank Standard & Poor's for their upgrade of the Philippines to Investment Grade rating, from BB+ to BBB- with a stable outlook, today. We are very pleased that S&P, along with Fitch, has also now affirmed the Philippines' strong economic and fiscal gains, progress that has been made thanks to the discipline and prudence in financial management instilled by President Aquino in his administration. Truly, good governance-tuwid na daan-is bringing structurally sustainable growth for the Philippines!

This Investment Grade rating is another resounding vote of confidence on the Philippines and an affirmation of what the markets already recognize-that our economy's underlying soundness is on par with countries rated investment grade or higher. For now, we must redouble our efforts to remove the remaining constraints to our growth if we are to reach even greater heights. The Philippine Government will continue to focus on infrastructure development, on creating a larger fiscal space to support social investments, and on further opening up the economy.

This momentous achievement is cause for celebration, but be assured that no one in public service rests on this laurel. Rather, we are spurred on ever harder to build a better Philippines, for today and tomorrow. Once again, I salute S&P for recognizing the strength and possibility of our country and our economy. Their seal of approval is symbolic of the new standard that Filipinos can come to expect from their government.

dof.gov.ph

Philippines credit rating raised to Investment Grade

Fitch Ratings has upgraded the credit rating of the Philippines to the investment grade status, a level which promises a surge of capital inflow from both local and foreign investors.

In a statement, the debt watcher said that it has raised the country's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BBB-' from 'BB+'. The Long-Term Local-Currency IDR has been upgraded to 'BBB' from 'BBB-'.

The Outlooks on both ratings are Stable. The agency has also upgraded the Country Ceiling to 'BBB' from 'BBB-' and the Short-Term Foreign-Currency IDR to 'F3′ from 'B'.

Standard and Poor's raised the  country's foreign and local bond ratings last July to BB+ from BB while Moody's Investors Service, known to be the most conservative among the three major credit watchdogs, also raised the its ratings last October to Ba1 from Ba2.

The credit watchdog cited the country's strong fiscal condition, resilient economy, moderate inflation, and a potential for more growth, as reasons for the upgrade.

Fitch noted that the Philippine economy has been resilient, expanding 6.6% in 2012 even as the global economy slows down. A strong domestic demand has kept the economy afloat, Fitch said.

"The Philippines has experienced stronger and less volatile growth than its 'BBB' peers over the past five years," it said.

Fitch said that it sees the Philippines economy growing by 5.5% in 2013.

Fitch praised the Bangko Sentral ng Pilipinas' (BSP) inflation policies, which kept inflation with the range of the 'BBB' rating.

The agency also said that the praised the country's expanding the fiscal revenue base, as well as further improvements in the structure of the Philippine sovereign debt stock.

The Philippine economy, as measured by GDP, grew by 6.8% in the fourth quarter of 2012, bringing the full-year growth to 6.6%,  higher than what is expected by above higher-end of the 5* to 6% target of the national government.

The increase was fueled by the strong performance of the Services Sector, pushed by Trade, Real Estate, & Business Activities. The sustained improvements in the Manufacturing and Construction subsectors also contributed largely to the current level of growth.

Wallonia Foreign Trade & Investment Agency Mission to ASEAN Countries 2013

Philippines

13 to 15 March 2013

The Wallonia Belgian Trade Mission to the ASEAN countries (Philippines, Vietnam, Myanmar, Malaisie, Indonésie, Singapour) will be held on  13th - 29th March 2013 and is being organized by the Wallonia Foreign Trade and Investment Agency (AWEX).  The trade mission, held each year, is designed to provide opportunities to participating Belgian companies in order to explore trade prospects and potentials in the three emerging countries. It is an excellent opportunity to launch beneficial partnerships between companies from Belgium and the Philippines.

The Philippine leg of the multi-sector ASEAN Trade Mission is being arranged by the Belgian Trade/AWEX-Manila Office wherein managing directors and export managers of important Belgian companies from various industries comprise the trade delegation.  The participating companies are:

ARCHINTERIOR SPRL-a company engaged in the various fields of construction and architecture:  decoration (interior and architecture),  engineering, urban landscaping, consultancy, real-estate, real-estate project management development in Belgium and abroad.

EXTENSE PHARMA - specializing in R & D, production & distribution of innovative and high quality health supporting products such as nutritional supplements , dietetic and healthy products, healthy food and snacks (all natural) for wellness & medical markets (physicians, diet clinics, bariatric physicians, medical spas, drugstores, food stores...) in countries all over the world.

GROUPE AUTOSECURITE -   a world leader in inspection, control, analysis and certification of motor vehicles : designs, develops, and markets vehicle security and inspection solutions e.g. technical motor vehicle inspection, assistance in the implementation of the technical inspection, IT management of vehicle fleets and computing tools  relative to these activities.

MAGERMANS - Its core business is transport/logistics.  A member of the American Household Goods Forwarders Association.

Bo-Innova-  beers, spirits & nutritional food/snacks

LOVENFOSSE - Lovenfosse SA is part of the Westvlees Group NV, a  Belgian pork meat producer known all over Europe . Westvlees Group is the largest pork slaughter house in Belgium with 3 factories in Flanders and Wallonia

DRL - specializes in the purchase, sale and rent of combine harvesters. The company has already established a name for itself in both the European and Asian markets to become an international reference in the import-export of agricultural material. While continuing the development of its commercial activities of new or second-hand combine harvesters, tractors and spare parts, DRL has widened its activities in the irrigation devices and technical maintenance.

MEDEX - Medex Loncin SA, is specialized in the design, manufacture and distribution of digital imaging/radiology in the  medical, veterinary, NDT ,  security X-ray applications and industrial markets.

Their product design philosophy is adaptive innovation which serves as their key competitive advantage.

A business -matching program with Philippine companies is organized to explore possible business collaboration.

The delegation will be accompanied by Mr. Laurent Paquet, AWEX Project Manager for Asia and Pacific.

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Belgian Trade Office-Manila (AWEX + Brussels Export + FIT)