BIZ BUZZ: Bid for ‘A’ rating undeterred by politics
Political instability is typically bad for the economy as it can undermine policymaking and fray investor nerves.
But despite the simmering Marcos-Duterte feud that’s taking over headlines at home and abroad, it is business as usual for the government’s economic team.
A day after global debt watcher S&P Global Ratings had raised its outlook on the Philippine sovereign to “positive” from “stable”—a move that puts the country closer to the coveted “A” credit rating—economic officials of the Marcos administration said they are “undeterred by politics.”
“The Philippines is determined to achieve an A rating and the administration is ensuring that the transformation of the economy will not be set back by political challenges,” the economic managers said in a joint statement.
“The Philippine economy has proven time and again its resilience against both domestic and external challenges, whether arising from natural disasters, geopolitical risks, election cycle tensions, global or regional financial crises, supply chain gaps abroad, cybercriminal activities, or other crises,” they added.
Well, that was a nice way of soothing any worries from investors that are watching the ongoing political drama unfold.
