United States, European Union And the United Nations Blaming Duterte On the Rampant Executions

So, what if the Philippines will get a low credit rating from Standard and Poor’s?

President Duterte does not give a shit whether the Philippines will get a downgrade from credit rating agencies as a result of his administration’s drug war.

“… who are you to threaten me? Na sabihin nila the Standard and Poor’s … they grade, lowered us to a BBB borrowing potential, then?,” he said on Monday in Malacanang.

Duterte gave a mouthful against the United States, European Union and the United Nations anew for intervening in his anti-drug campaign, and blaming him over the rampant summary executions of drug pushers and addicts all over the country since he became president last June 30.

Duterte said the concerned countries and the UN should also be asked to face human rights questions in relation to their policies. To stress his point, he also noted that the high rates of killing of Black Americans in the US.

“ Kung lahat ng countries takot sa inyong mga putang-ina kayo, ah hindi ako takot sa inyo. You want me to answer, you answer also. We’re on the same boat,” he said.

Duterte, known for his expletive outbursts, said he does not care if the credit rating agencies warn of the possible downgrade as a result of his policies.

In a report, S&P described the Duterte administration as having “a strong focus on improving law and order, which has allegedly resulted in numerous instances of extrajudicial killings” and “could undermine respect for the rule of law and human rights.”

The Philippines’ crackdown on drugs has claimed more than 3,500 lives since Duterte’s inauguration.

“Combined with the president’s policy pronouncements elsewhere on foreign policy and national security, we believe that the stability and predictability of policymaking has diminished somewhat,” said the debt-watcher. “A higher rating is unlikely over our two-year ratings horizon.”

Still, S&P chose to affirm the country’s credit rating of BBB/A-2, with a stable outlook, judging that the policy unpredictability was offset by the Philippine economy’s strong economic fundamentals and fiscal settings. The other Big Three rating agencies, Fitch Ratings and Moody’s Investors Service, have also maintained the Philippines’s sovereign credit rating at investment grade.

S&P cautioned it would lower the ratings “if the reform agenda stalls or if there is a reversal of the recent gains in the Philippines’ fiscal or external positions.”

Source: Politics

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