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Debt markets have already rewarded President Benigno Aquino’s administration for good governance.
Debt markets have already rewarded President Benigno Aquino’s administration for good governance.
(ERIK DE CASTRO/REUTERS)

BREAKINGVIEWS

Credit-rating obsession could cost Philippines dearly

Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks.

The Philippines is on an unhealthy low-debt diet. Manila’s obsessive pursuit of a one-notch ratings upgrade, which would grant the sovereign investment-grade status, could have unwanted side effects.