PHILIPPINES CONFIDENT MOODY'S WON'T DOWNGRADE CREDIT RATINGS.

AsiaPulse News, November, 2004

MANILA, Nov 12 Asia Pulse - The government today expressed confidence that with the expected passage in Congress by the end of the year of four of the eight revenue-generating measures prioritized by President Gloria Macapagal-Arroyo, the country stands a good chance of its credit ratings not being downgraded by the review team of Moody's Investor Service.

In a press conference this afternoon at Malacaang,s Ceremonial Hall, Finance Secretary Juanita Amatong aired the government's confidence that Congress would eventually approve four revenue bills, namely indexation of "sin taxes," lateral attrition, rationalization of fiscal incentives, and the tax amnesty.

"It's a very good signal because this means that Congress is cooperating, in fact, rushing the bills...