PH firms post highest debt growth in Asean – S&P

THE Philippines’ biggest companies have the highest debt growth among the countries in the Association of Southeast Asian Nations (Asean) as local firms continue their expansion efforts ahead of the Asean Economic Community (AEC), international credit rating agency Standard & Poor’s Rating Services (S&P) said.

Xavier Jean, S&P director for Corporate Ratings in the Asia Pacific, said in a press briefing that the 17 top companies in the Philippines have tripled their aggregate net debt between 2008 and the first quarter this year as companies expand in preparation for the AEC integration next year.