Flood control scam derails S&P credit rating upgrade for Philippines - BusinessWorld Online

Marcos’ Rating Sinks After Philippine Corruption Scandal Erupts

Philippine President Ferdinand Marcos Jr.’s trust rating fell as a corruption scandal unfolded last month, showing how the probe he set in motion is hitting his popularity.

Recto: Corruption probe stalls Philippines trek to ‘A’ rating

MANILA, Philippines – The high-profile corruption scandal over state-funded flood control projects has upended the Philippines’ bid for an “A” credit rating this year, Finance Secretary Ralph Recto said, warning that the fallout could hurt economic growth and weigh on the government’s fiscal position. Recto told reporters on Tuesday that, based on recent discussions with […]...Keep on reading: Recto: Corruption probe stalls Philippines trek to ‘…

Flood control scam derails S&P credit rating upgrade for Philippines - BusinessWorld Online

By Adrian H. Halili, Reporter THE FINANCE CHIEF on Tuesday said the multibillion-peso flood control scandal prevented the Philippines from getting a credit rating upgrade from S&P Global Ratings. “If [only] we did not have the flood control issue,” Finance Secretary Ralph G. Recto told reporters on the sidelines of a Senate budget hearing. “We met with S&P, and they were ready to give us a credit rating upgrade this year.” The controversy, which…