Marcos: Improved PH credit rating will produce more Carlos Yulos
The Philippine government will continue to push for measures meant to sustain the development of the Filipino people and maintain the country’s improving credit rating, President Marcos Jr. said over the weekend, after the country received its highest rating to date from the Japan-based credit watcher Rating and Investment Information, Inc. (R&I).
In a statement, the President said R&I’s upgrade for the Philippines of A-minus proves the “strong confidence of investors in the robustness of its economy.”
“This means that instead of spending for interest payments, we can use the saved money for various public services such as infrastructure, healthcare facilities and building classrooms for our students,” he said.
“This will help us invest more in our people,” the President added, referring to the Filipino gymnast who won two gold medals in the recent Paris Olympics.
Mr. Marcos issued the statement after R&I announced it had upgraded its credit rating on the Philippines to A-, citing its supposed “projected stable growth and the continuous improvement of its national income.”
According to R&I, an “A” rating indicates that the country has “high creditworthiness supported by a few excellent factors,” while the minus suffix (“-“) indicates its relative standing within the rating category.
“The Philippine economy will likely see stable growth and continuous improvement in the level of national income against the backdrop of active public and private sector investments, development of domestic business sectors such as business process outsourcing, and favorable demographics among other elements,” it said.
‘Highest to date’
The President touted the A- credit rating as the “highest to date.”
“This [credit rating] upgrade means an upgrade in the lives of every Filipino,” he said, as this would supposedly help the government bring down borrowing costs and secure “cheap and affordable” loans for the government, businesses and ordinary consumers.
After receiving his administration’s first credit rating upgrade, Mr. Marcos gave assurance that the government is not stopping from pushing its efforts.
“The continuous improvement of our credit rating will bring more investments and more business to our country which will bring more quality jobs and higher income for every Filipino,” he said.
The government will keep doing its best to make sure that every Filipino benefits from economic growth until we break the cycle of poverty, the President stressed.
