MANILA — The credit rating upgrade of the Philippines based on the latest Standard & Poor (S&P) Global Ratings is an affirmation of “correct economic and fiscal policies” under the Duterte administration, a legislator said on Wednesday.
In a statement, House appropriations committee chairman Karlo Nograles said the improved credit rating shows that President Rodrigo R. Duterte “has been steering the country economically with impressive results.”
“Administration critics and naysayers have always pictured the country’s economic future as a dark spot. In truth, this administration has been making the right moves to ensure that the Philippines would avoid stagnation,” Nograles said.
“It’s all about positioning the economy for improvement; right now, our credit ratings say that we are in a good and desirable spot in the region,” he added.
International credit rating agency S&P upgraded the Philippines’ long-term sovereign credit rating from “stable” to “positive”, while affirming the country’s credit rating at “BBB” for long-term and “A-2” for short-term.
Nograles said the S&P rating is not an isolated case of improved assessment on the Philippine economy, noting that the Fitch Ratings upgraded the country’s investment rating from BBB – (minus) to BBB last December.
“Malacañang’s economic advisers have given sound advice, but it also took guts and political will from President Duterte to implement them. That’s Dutertenomics for you,” he said.
Nograles cited the S&P report as saying that the Duterte administration has “pursued more-aggressive expenditure plans” than its predecessor.
The report also revealed that the country’s institutional capacity has begun to improve based on its “increasingly sustainable public finances.”
It added that the Philippines economic growth could continue over the forecast period if investment speeds up. (Filane Mikee Cervantes/PNA)
