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S&P Global Ratings: Philippines' ratings unaffected by election result

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S&P Global Ratings: Philippines' ratings unaffected by election result

S&P Global Ratings said the Philippines' sovereigncredit ratings are unaffected by the presidential election as it expects theincoming administration to continue with policies that have contributed tosovereign rating improvements in the past few years.

S&P Global Ratings said May 10 that the newadministration of presumptive president, Rodrigo Duterte, will likely maintainfiscal policy to keep fiscal deficit to low single digits. Policies affectingbusinesses are also likely to support continued investment growth.

While Duterte has given few details regarding his economicpolicies, he is unlikely to embark on economic policies that will significantlydiverge from previous administrations, the rating agency noted. Businesses inthe country may be more cautious of expanding given the uncertainties over thenew government's policy orientation.

S&P Ratings andS&P Global Market Intelligence are owned by S&P Global Inc.