MANILA – The Philippines has started engaging with the international financial community in preparing for the effects of the US government's shutdown and its failure to raise its debt ceiling.
Communications Secretary Ricky Carandang said he is more concerned with the possible effects of the inability to raise the debt ceiling than the shutdown itself.
"I guess we have to do a little hand-holding of the international community. You know this is going to have ripples throughout the world and we're just a small part of that. But still we need to prepare for that. We need to do a little hand-holding with the investors. I think the fact that Moody's finally gave us credit rating upgrade, made us investment grade, it gave us a positive outlook is going to provide a lot of comfort to international investors,” Carandang said.
“Regardless of what happens overseas, you can see that at least in the Philippines, we have gotten our act together economically. Our fiscal policies are sound, our economic growth remains solid, the fundamentals are in place. So, I think, the markets will be able to distinguish about between what's going on in other parts of the world and the fundamentals here," he added.