IX Ladies and gentlemen, external and internal ratings should not be viewed in isolation, but in the overall context of the planned new Basle Capital Accord or comparable Brussels regulations.
The net impact of a US downturn on Philippine growth will depend on how the Philippines’ other major trading partners are affected by developments in the US. Remittances are another important channel through which the US economic slowdown could manifest itself in the Philippines. Latest data show that about 1/3 of our land-based workers are in the US.