39 ordspråk av James McCormack

James McCormack

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The entire episode really damaged fiscal policy credibility in the Philippines.

There are two things that we're still concerned about. One is the structure of public finances notwithstanding the fiscal performance in 2005 and two is the political outlook and the effect that politics might have on public finance.

These are positive numbers for the Philippines. We have to make sure that the value-added tax increase is implemented and fiscal follow up is done in the medium term to further improve revenue.

The delayed e-VAT detracted from the overall credibility of the fiscal reform program, and we will wait until the e-VAT is implemented fully, including the rate increase from 10 percent to 12 percent scheduled for January 2006, before considering its positive effects on government revenues.

The biggest challenge for the central bank is to control the potential inflation that comes along with the buildup in reserves. They seem to have managed reasonably well so far.

The biggest challenge for the central bank is to control the potential inflation that comes along with the buildup in reserves.

What would be under consideration is what to do with the negative outlook - whether to revert that back to stable, or to retain the negative outlook, or to downgrade the credit. But upgrading (the rating) from a negative outlook is not something that happens very frequently, and I don't expect that would happen in the case of the Philippines.

The good 2005 fiscal performance and 2006 fiscal outlook, together with the more settled political environment, warrant the change in outlook.

This will allow the government debt/GDP ratio to continue its downward trajectory, alleviating pressure on sovereign credit worthiness as debt ratios gradually compare more favorably with rating peer group medians.

It still feels like a dream. I was just ecstatic to be able to come on a tour like this and to have the opportunity to experience Super 14 rugby, which I thought had passed me by at 29 years of age.

It still feels like a dream.

We are still comfortable. In a BB range, we do have some tolerance for political noise.

They do a pretty good job of getting people in who are quite capable. They have a deep bench.

You don't see much opposition to her policy initiatives. I think it's more of a power struggle than a policy struggle.

The more of these events there are, inevitably the weaker she becomes. Surviving a crisis in leadership doesn't necessarily strengthen a leader.

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