House Speaker Ferdinand Martin Romualdez on Sunday described the “A-“ credit rating bestowed by Japan-based Rating and Information Inc. on the Philippines as “an encouraging development.”
The leader of the 300-plus-strong House of Representatives said the improvement in the Philippine credit standing “is an affirmation that the economic and fiscal policy direction of President Ferdinand Marcos Jr. is on track.”
The President also expressed elation over the improved rating, saying it was the “highest to date.”
Last year, the rating agency gave the country a “BBB+” mark.
Romualdez said the House of Representatives would continue to support the economic and prosperity agenda of the Marcos administration with legislative measures needed to sustain economic growth.
He said the credit upgrade follows the report of the Philippine Statistics Authority (PSA) that the country’s gross domestic product grew by 6.3 percent year-on-year in the second quarter of 2024.
He said the figure aligns with the full-year growth forecast of multilateral lending institutions ranging from 5.9 percent to 6.2 percent.
“I am confident that we can attain these numbers,” Romualdez said.
He said the credit rating upgrade would mean less borrowing cost for the country and lower interest payments for loans.
“The money we can save in the national budget for interest payments we can use for more financial assistance to our people. This is one way the people will feel the benefit of economic growth,” he said.
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