The National Reinsurance Corporation of the Philippines (Nat Re), the Philippines’ sole professional reinsurer, was assigned a financial strength rating of PRS A, with a Stable Outlook, by the Philippine Rating Services Corporation (PhilRatings). A PRS A rating means that an insurer has strong...
Real estate giant Ayala Land Inc. is raising up to P5.5 billion from a planned offering of fixed-rate retail bonds with a 10-year tenor. The issuance consists of the base issue of P2.75 billion in relation to the first tranche of ALI’s new 3-year Securities Program (2021 SP) of up to P50 billion,...
For the second straight year, the Department of Tourism (DOT) has received the highest audit rating possible from the Commission on Audit (COA), Tourism Secretary Bernadette Romulo-Puyat announced. DOT Secretary Bernadette Romulo-Puyat (Photo from DOT Facebook page) In a statement on Monday, August...
Philippine Rating Services Corporation (PhilRatings) has maintained its high rating of PRS Aa minus with a Stable Outlook for Tranche 3 of MRT III Funding Corporation’s Asset-Backed Notes. The Asset-Backed Notes issue is a securitization of future dividends from Metro Rail Transit Corporation...
Debt-watcher Moody’s Investors Service is upbeat about the Philippines’ recovery prospects from the pandemic, expecting the economy to outperform most of the sovereigns it rates in terms of average growth up to 2025. In its latest credit analysis report on the Philippines, Moody’s cited its...
Interior Secretary Eduardo M. Año attributed his high approval rating to the hard work and numerous accomplishments it “was able to accomplish during his leadership as the head of the Department of the Interior and Local Government (DILG). Año was named the second-best performing cabinet member...
An announcement from Fitch Ratings last July 12 has set off alarm signals as the nation continued to grapple with COVID-19: “The revision of the Philippines' outlook to Negative reflects increasing risks to the credit profile from the impact of the pandemic and its aftermath on policy-making as...
The adverse impact of the prolonged pandemic will be short-lived, the government’s chief economic manager and the central bank governor said after Fitch Ratings downgraded the Philippines’ outlook to negative. BSP Gov. Benjamic Diokno and Finance Sec. Carlos Dominguez III Finance Secretary...
Petron Corporation, a unit of San Miguel Corporation, has been assigned by Philippine Rating Services Corporation (PhilRatings) the highest Issue Credit Rating of PRS Aaa, with a Stable Outlook for its proposed bond issuance. The firm is planning to raise up to P18 billion from the planned offering...
The Commission on Audit (COA) has given the Office of the Vice President (OVP) its highest audit rating for the third straight year in 2020. In a statement, the OVP said it received an “unqualified opinion” from COA in its Independent Auditor’s Report dated June 15. This is the third time the...
OF SUBSTANCE AND SPIRIT Diwa C. Guinigundo Seals of approval for sovereigns like the Philippines are difficult to obtain. International financial institutions (IFIs), credit rating agencies (CRAs) and foreign investors would usually scrutinize our ability to withstand global shocks. While...
The local government unit (LGU) of Makati City has received an “unmodified opinion” or the highest audit rating from the Commission on Audit (COA) for the fourth straight year, citing the city’s consistent compliance with auditing rules and procedures. (MANILA BULLETIN FILE PHOTO) Mayor...
