Analyst: S&P report only a warning

At least one market strategist isn't alarmed by a report from Standard & Poor's, saying the Philippine economy is at risk from one of the big conglomerates defaulting on debt. On Monday morning, the Inquirer and BusinessWorld cited a report from ratings agency S&P, saying the Philippines could lose the investment grade rating it got earlier this year if problems at one of the major conglomerates "impair investor confidence." Jonas Ravelas, chief market strategist at BDO, said this is only a warning. He said the Bangko Sentral is more than ready to keep the banking system running even if such a problem does happen. ANC Dateline Philippines, August 19, 2013