Palace: Economic managers coordinating over US rating downgrade

Even as it maintained it is too early to tell how the US credit rating downgrade will affect the Philippines, Malacañang expects the government's economic managers to get in touch with each other on how to deal with the issue. Deputy presidential spokesperson Abigail Valte said Sunday that aside from regular meetings, economic managers can coordinate with each other quickly. "Even without meeting, I'm sure in close touch ang economic managers natin," she said on government-run dzRB radio. Last Saturday, Valte said the government will take the needed steps to cushion possible impacts of the downgrading of the US credit rating from AAA to AA+. The weekend downgrade of the US credit rating was the first-ever by a leading rating agency and could impact through markets. In the Philippines, Valte said economic managers are monitoring the effects of the downgrade and will prepare for adverse effects. But she also pointed out the US is expected to begin to seriously address its economic issues and will eventually get over the downgrade. “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