In a televised roundtable discussion with some of her economic managers in Malacañang, the President welcomed the decision of CalPERS Board Investment Committee to increase the country’s score in its list of 19 permissible emerging equity markets for the year.
"This is a vote of confidence on the country and on the government’s determination and ability to sustain its efforts, amid persistent politicking by some, in repairing our economy through some painful reforms," Mrs. Arroyo said.
"This is a sign that the best is yet to come, if we double our efforts to improve the economy and tone down political noise," she said.
Press Secretary Ignacio Bunye attributed the improved rating to the "sound economic policies of the President and the strong political will that the government has displayed in implementing fiscal and political reforms."
He noted that the Philippines passed the stringent tests applied by CalPERS that included the country’s political stability, transparency and labor productivity.
He said the upgrade should spur Congress to fasttrack pending fiscal and political reform measures. "This is a challenge to Congress to act responsibly and pass needed fiscal and political reforms, including changes in our Constitution to further improve the political atmosphere in our country," Bunye said. — Paolo Romero