MALACAÑANG on Thursday, May 2, said the economic reforms being pushed under the leadership of President Rodrigo Duterte led to a credit rating upgrade for the Philippines.
S&P Global Ratings raised the credit rating of the Philippines by a notch to BBB+ from BBB, citing the country's strong economic growth trajectory, healthy external position and sustainable public finances.
In a statement, Presidential Spokesperson Salvador Panelo said a higher credit rating means a borrower country is a "creditworthy sovereign" that can have access to a wider pool of funds.
"This is the highest credit rating upgrade in the economic history of the Philippines," the Palace official said.
"The Palace is pleased with the report from global debt watcher, Standard & Poor's, that the Philippines has received a credit rating upgrade of BBB+ stable outlook, a step closer to bagging a single 'A' grade," he added.
Panelo bragged that Duterte's economic team has done a "splendid job" in putting the economic house in order and spearheading bold economic reforms."
He also acknowledged Congress's cooperation to bolster the domestic economy, which he said is projected to become one of the world's top 25 economies.
"These reforms (introduced by the country's economic managers) include tax reform, liberalization of the rice sector, strengthening of the Bangko Sentral ng Pilipinas’ charter, ease of doing business, relaxing the foreign investment negative list and modernizing infrastructure, among others," Panelo said.
Panelo also emphasized Duterte's resolve to push for a "thriving economy" by ensuring that the country is free from drugs, crime and corruption.
He said the President's actions are essential to bring a "comfortable and secure" life for the Filipino people.
"His actions based on this belief have thus promoted our country's standing not just in peace and order but also in terms of our economy," he said. (SunStar Philippines)