In the midst of the (stock) market turmoil that has hounded local business news, a silver lining was provided for by Moody's.
Regardless of what critics and pundits may say, I take this as good news, and this is a step in the right direction for the Philippines. Moreover, corruption and election scandals notwithstanding, it will forever be remembered that it was under the incumbency of Madame PGMA that we had record GDP growth (albeit in a quarter, which was last year), and this one, will only add up to her economic resume.
I would like to see how the stock market will respond to this in the coming days, and weeks. A further catalyst for this batch of good news is the actual GDP growth that we had in 2007. Of particular note should be the last quarter of 2007, as this (at least to me) will confirm or invalidate the decoupling theory for the Philippines.
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