FITCH Ratings dropped broad hints on Tuesday of keeping the country’s credit stature at the BB level with a stable outlook, its lead analyst in the region having cited continued revenue issues that make the likelihood of an upgrade unlikely for the time being.

Fitch Rating analyst James McCormack told reporters questions on the sustainability of revenues have kept them from fully endorsing a credit upgrade for the Philippines.

“We haven’t alluded to any changes. The issues we’ve been concerned about in the last couple of years are still there, primarily the revenue side of public finance. Notwithstanding the good fiscal performance we’ve seen in recent years, there’s still some concern on sustainability of revenues,” he said.

“There will probably be some growth risks this year with weaker global environment. But still debt ratios are quite going down and external side is still quite strong, the balance of payments   performed well and external financing need is turning negative,” he said.

Finance Secretary Margarito Teves reacted quickly, saying in a statement the government remains committed to raising the year’s revenue goals and fully financing budget requirements.

“We are not wavering from this plan, and, if necessary, we will boost spending on agricultural production by looking for additional sources of revenues or support from government corporations or financial institutions.

“We are also firm in our resolve to further improve our debt ratios. In the first quarter, there were several positive trends that would support stronger tax collection this year,” Teves said.

He called on potential investors to “consider the Philippines’ good economic prospects and sound macroeconomic fundamentals above the noise over global inflationary pressures and economic volatility.”

“The Philippine government is committed to raising the revenues to fully finance the budget this year,” Teves reiterated.

McCormack, on the other hand, said there are risks to sustained high growth this year but even then, Manila continue to report diminishing debt ratios, a strong balance of payments and significantly reduced foreign financing requirements.

“I think where we are right now is we’re sitting in the middle of a stable outlook,” the lead Fitch Ratings analyst said.

Fitch hints: No upgrade for now for RP

FITCH Ratings dropped broad hints on Tuesday of keeping the country’s credit stature at the BB level with a stable outlook, its lead analyst in the region having cited continued revenue issues that make the likelihood of an upgrade unlikely for the time being.

A SENIOR legislator warned on Tuesday that if Congress gives in to the weak proposal on the country’s archipelagic baseline, the country will see an oil-drilling concession under the Chinese government.

THE vice governor of Nueva Ecija on Tuesday filed criminal and administrative charges against Gov. Aurelio Umali, his wife and three others before the Ombudsman.

Zamboanga City—American and Filipino soldiers in Mindanao, where al-Qaeda-affiliated bandits are active, staged a different war, this time not against lawless elements, but to preserve aquatic resources as they marked the Earth Day 2008 celebration.

FORMER justice secretary Hernando Perez, through his lawyer, asked the Sandiganbayan on Tuesday to defer the trial of his graft cases so as not to preempt the Supreme Court (SC) from deciding on his petition to stop the Ombudsman from further prosecuting the cases.

THE Land Transportation Office (LTO) is set to launch two major locally developed technological innovations to crack down on motor-vehicle smuggling and carjacking, as well as strengthen environmental protection.