Speaker Ferdinand Martin G. Romualdez on Sunday described the A-credit rating the Japan-based Rating and Information Inc. gave the Philippines this month as “an encouraging development.”
The leader of the 300-plus-strong House of Representatives said the improvement in the country’s credit standing “is an affirmation that the economic and fiscal policy direction of President Ferdinand ‘Bongbong’ R. Marcos Jr. is on track.”
The President has expressed elation over the improved rating, saying it was the “highest to date.”
Last year, the rating agency gave the country a BBB+ mark.
Speaker 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 economy grew by 6.3 percent in the second quarter of this year.
He said 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 that we can attain these numbers. Pero gaya ng sinabi ko na, dapat maramdaman ng ating mga kababayan ang paglago ng ating ekonomiya sa pamamagitan ng tulong at malaking pondo para sa edukasyon, kalusugan, sa kanilang mga pangangailangan, at iba pang assistance,” he stressed.
He pointed out that 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. Isang paraan ‘yan para maramdaman nila ang economic growth,” he added.
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