Palace: PHL to take steps vs effects of US credit downgrade

Malacañang on Saturday reassured the public the government will take the needed steps to cushion possible impacts of the downgrading of the United States credit rating from AAA to AA+. Deputy presidential spokesperson Abigail Valte said the government’s economic managers are monitoring the effects of the downgrade and will prepare for adverse effects. “Sa impact nito sa atin it’s too early to tell, nito lang madaling araw ito. What we can say right now, sigurado tayong nagbabantay ang economic manager natin sa naging downgrade na ito," she said on government-run dzRB radio. But she also pointed out the US is expected to begin to seriously address its economic issues and will eventually get over the downgrade. Earlier, Standard & Poor’s downgraded the US credit rating by one notch from AAA to double AA+. It was the first-ever downgrade of the US by a leading rating agency and could impact through markets. “First, it’s too early to tell what the impact would be. Second, we are monitoring the effect whatever effect there will be. Third, we will be taking the necessary steps to address this," she said. — LBG, GMA News