Philippines President appreciates Moody's upgrade in outlook. Moody's Investors Service has upgraded its outlook on the Philippines from negative to stable as a result of the country's success in reducing fiscal deficits and dependence on external financing. The budget deficit in the first nine months of this year has been limited to PHP 50.4bn (USD 1.01bn), or just 40% of the target limit of PHP 125bn for the whole year. President Gloria Arroyo appreciated the and said that this is the result of the tough decisions taken by her to reform the economy. Central Bank's Governor Amando Tetangco stated that the upgradation reflects the optimism of the financial markets and of investors regarding the economy.