“There are clear improvements in the banking sector, for example, where the legacy of directed lending is slowly giving way to a more market-based allocation of credit supported by the involvement of foreign strategic investors.”
“Assuming the two-percentage-point increase goes through in January, we will undertake a full review of the ratings, ... is what we are looking for from a ratings perspective.”
“We are a bit cautious about the two-percentage-point increase because of the risks - primarily political risks - that it might not be implemented. One thing we learned from this is that there is always a potential for delays in its implementation.”
“The lower annual fiscal projection won't alter the negative outlook. Our main focus is the full implementation of the expanded value-added tax and the two percentage point increase in its rate next year.”
“The combined growth and external sector strengths allow Chinese policy makers to better address the country's structural economic challenges, and they have been taking the opportunity to do so.”
“We will wait until taxes are actually implemented, that revenue is being collected. We will look at whether or not the tax rate will increase, but we assume it will.”
“While the e-VAT and the impeachment issue have both been resolved favorably in recent days, we are maintaining our negative outlook on the Philippines' ratings.”
