THE A-credit rating given to the Philippines by the Tokyo-based Rating and Investment Information Inc. (R&I) was “an encouraging development, an affirmation that the economic and fiscal policy direction of President Ferdinand Marcos Jr. is on track, ” House Speaker Martin Romualdez said.
The Japanese credit rating agency gave the Philippines a BBB+ mark in 2023.
What the credit rating improvement means for the country, Romualdez explained, is reduced borrowing costs and reduced 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. That is one way for them to feel economic growth,” he added.
The House of Representatives, Romualdez said, would keep supporting the government’s economic and prosperity agenda with legislative measures.
Earlier this month, the Philippine Statistics Authority reported that the country’s second-quarter gross domestic product grew 6.3 percent compared to the same period in 2023.
Romualdez pointed out that “this figure aligns with the full-year growth forecast of multilateral lending institutions ranging from 5.9 percent to 6.2 percent.”
“I am confident we can attain these numbers. But as I have said, our countrymen must feel the growth of our economy through aid and big funding for education, health, their needs, and other assistance,” he concluded.
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