During an interview aired over government-run dzRB Radyo ng Bayan on Saturday, Deputy Presidential Spokesperson Abigail Valte attributed the Standard & Poor's outlook upgrade to the reforms being implemented by the Aquino administration.

Valte said the government is optimistic that this outlook improvement will translate into a much-deserved credit rating upgrade in the near future.

"Ngayon po kasi two notches below investment grade pa tayo. Kung magtuloy-tuloy po ‘yung mga iba pang mga reporma and ang strengthening of the financial system, mas mapapadali po ‘yung actual credit rating upgrade," Valte said. (At the moment, we are still two notches below investment grade.  If the various reforms and strengthening of the financial system continue, the actual credit rating upgrade will be easier.)

According to Finance Secretary Cesar V. Purisima, the outlook improvement is the fifth positive credit rating action made by various agencies for the Philippines since President Benigno S. Aquino III took office.

- Presidential Communications Operations Office