A Closer Look At The Philippines
The Philippines government's plans to raise much-needed revenue through new tax measures and power-sector privatizations have been given short shrift by ratings agencies, with both Moody's and Standard & Poor's downgrading the sovereign from Ba2/BB to B1/BB-, as well as dropping the ratings of several companies in February. But the Republic of the Philippines (RoP) spreads have stayed steady and it has since successfully raised a US$1.5 billion 25-year international bond. Asiamoney asks a panel of regional fund managers how confident they are about the country's outlook.
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