Philippines banks on consumer boom
Ratings agencies Standard & Poor’s and Fitch earlier this year recognized the work of bank governor Amando Tetangco Jr and the Bangko Sentral ng Pilipinas (the Philippines’ central bank) by upgrading the sovereign to investment grade.
In July, Moody’s also hinted at an upgrade, declaring that Asia’s current darling had exceeded their economic expectations. “We hope that the upgrade will come in around October,” says Emilio Neri, economist at the Bank of the Philippine Islands.
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