A POSSIBLE shift in the United States immigration policy under the Trump presidency spells credit negative for the Philippines because of its reliance on money transfers by overseas Filipinos, debt watcher Moody’s Investors Service said. The credit implications of the US election results rest in part on future US trade, immigration and security policies, it said. “A policy shift that would disrupt immigration into the US would be credit negative for countries more highly dependent on remittance flows, including El Salvador (B3 negative), the Philippines and Vietnam,” Moody’s said. A main driver of economic growth, remittances from overseas Filipinos account for up to 10 percent of gross domestic product. Moody’s has assigned the Philippines a credit rating of Baa2—a notch above the minimum investment grade.

Source: Manila Times November 14, 2016 16:57 UTC