These are positive numbers for the Philippines. We have to make sure that the value-added tax increase is implemented and fiscal follow up is done in the medium term to further improve revenue.
More Quotes from James McCormack:
This will allow the government debtGDP ratio to continue its downward trajectory, alleviating pressure on sovereign credit worthiness as debt ratios gradually compare more favorably with rating peer group medians.James McCormack
The delayed e-VAT detracted from the overall credibility of the fiscal reform program, and we will wait until the e-VAT is implemented fully, including the rate increase from 10 percent to 12 percent scheduled for January 2006, before considering its positive effects on government revenues.
James McCormack
What would be under consideration is what to do with the negative outlook - whether to revert that back to stable, or to retain the negative outlook, or to downgrade the credit. But upgrading (the rating) from a negative outlook is not something that happens very frequently, and I don't expect that would happen in the case of the Philippines.
James McCormack
Asia's political backdrop has recently become less favorable for growth.
James McCormack
We've revised our growth forecast up to 5 percent for this year, based on what we saw in the fourth quarter in terms of consumption. The strength of consumption surprised us somewhat in how robust it was.
James McCormack
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