Better 2nd quarter growth seen

MANILA, Philippines - President Aquino believes the Philippine economy is stable enough and will further improve in the second quarter.

However, Aquino refused to speculate on Moody’s Investors Service’s next move as reports quoted the agency as hinting that the Philippines is up for a credit rating upgrade following the domestic economy’s robust expansion in the first quarter.

“It’s difficult for me to speak for an agency I don’t belong to. I don’t want to preempt them. Maybe I can follow the attitude that it’s better to wait for their news or it might be jinxed,” Aquino told reporters in Filipino after receiving close to P28 billion, representing dividend contributions from 38 government-owned and controlled corporations.

“I think the second quarter figures should be of the same ilk... we are hoping that they will be the same or even better,” he said.

The Philippines posted a 7.8 percent growth in gross domestic product in the first quarter of the year, driven by robust domestic consumption and government spending.

The growth was higher than China’s 7.7 percent and came after investment upgrades from Fitch Ratings and Standard and Poor’s (S&P).