By Joann Villanueva/Philippine News Agency
MANILA — Finance Secretary Carlos Dominguez III on Tuesday attributed to President Rodrigo R. Duterte’s leadership the upgrade by Standard and Poor (S&P) of Philippines’ investment grade credit rating to ‘BBB+’, a notch away from A-level, with Stable outlook.
“Credit belongs to PRRD’s strong leadership and his 10-Point Economic Program,” he told journalists covering the finance beat.
The 10-point agenda bids for the continued implementation of macroeconomic policies, institution of progressive tax reform program and more effective tax collection, increase of the country’s competitiveness and ease of doing business, increase in public spending on infrastructure, and promotion of rural and value chain development.
It also targets to ensure security of land tenure to entice more investments, invest in human capital development; promote science, technology, and creative arts to promote innovation; improve social protection programs and firm up implementation of responsible parenthood and reproductive health law.
In a statement, Dominguez said the upgrade also “means that the bonds we issue will attract more investors at interest rates lower than what we are currently paying, saving millions of pesos for the Filipino taxpayers.”
“We are now one notch away from an A- rating. This is due to President Duterte’s strong leadership and his 10-Point Economic Program,” he added.
The ratings upgrade was announced about a year after S&P changed its ratings outlook on the country’s then ‘BBB’ rating from Stable to Positive.
S&P, along with Fitch Ratings and Moody’s Investors Services, elevated the country’s credit ratings to investment grade since 2013 due to the continued expansion of the economy.
For the latest updates about this story, visit the Philippine News Agency website
