This score increased the country’s ranking among 26 other emerging markets from 18 th in 2005 to 14 th , the Philippine Star reports. The Philippines surpassed Malaysia, China, Russia, and India, its peers on the Wilshire list.
Officials said Wilshire’s rating was based on improvements in the country’s fiscal deficit as well as the passage of the expanded value-added tax (EVAT) law which was considered a major step in increasing the government’s revenue base, according to the news report.
Philippine officials feared that CalPERS would pull its investments from the country when the credit rating was downgraded for 2005 (See Philippine Officals Concerned About CalPERS’ Investment after Credit Rating Downgrade).
CalPERS, with assets of $194 billion, is the largest US public pension fund and has frequently pressured companies and countries to follow best practices in corporate governance, labor practices, and human rights.