President Ferdinand R. Marcos Jr. is optimistic that the Philippines’ “A-” investment grade rating by Japan-based Rating and Investment Information, Inc. (R&I) would drive more investments into the country.
In a statement, Marcos said Saturday that the country’s highest rating is a manifestation of high investors’ confidence in the Philippines’ robust economy.
Marcos said the latest upgrade of the country’s credit score would cut borrowing costs and secure cheap and affordable financing for the government, businesses and ordinary consumers.
“Ang patuloy na pagpapabuti ng ating credit rating ay maghahatid ng mas maraming investments at dagdag na negosyo sa ating bansa na magdadala ng maraming kalidad na trabaho at mas mataas na kita para sa bawat Pilipino (The continued improvement of our credit rating will bring more investments and new businesses to our country which will bring more quality jobs and higher income for every Filipino),” he said.
Marcos said the country’s latest credit rating is “also an upgrade on the lives of ordinary Filipinos,” as the government, instead of paying interest, could spend on public services like infrastructure, healthcare facilities, and the construction of school buildings.
He vowed that all Filipinos would benefit from the country’s economic growth, saying that it is key to ending poverty in the future.
“This will help us invest more in our people — paving the way for more Carlos Yulos in the near future,” Marcos said.
“Bagama’t ito ang kauna-unahang credit rating upgrade ng aking administrasyon, hindi po tayo hihinto rito (Although this is the first credit rating upgrade of my administration, we will not stop here). We will keep giving our best to make sure that every Filipino benefits from economic growth until we break the cycle of poverty,” he added.
The Philippines has earned an “A-” investment grade rating with a stable outlook from R&I, the largest credit rating agency in Japan.
R&I cited the country’s macroeconomic stability, high economic growth path, and improvement in fiscal balance as the basis for the rating upgrade to “A-,” one notch up from the country’s previous rating of “BBB+” in August last year.
An “A-” credit rating reflects strong investor confidence in the country’s macroeconomic stability, high economic growth and improved fiscal position. (PNA)
