(Eagle News) — The Palace on Thursday, May 2, attributed the country’s higher credit rating to the economic reforms launched during the term of President Rodrigo Duterte.
In a statement, Presidential Spokesperson Salvador Panelo said the “tax reform, liberalization of the rice sector, strengthening of the Bangko Sentral ng Pilipinas charter, ease of doing business (law), relaxing (of) the foreign investment negative list and modernizing infrastructure,” among others, were behind the Philippines’ BBB+ credit rating, its highest in history, from Standard & Poor’s.
He said Duterte’s actions based on his belief in an environment free from drugs, crime and corruption have “promoted our country’s standing not just in peace and order but also in terms of our economy.”
He said Duterte’s economic team has also done a “splendid job in putting the economic house in order and spearheading bold economic reforms.”
The BBB+ is a notch away from the A-level, with a stable outlook.
A higher rating can lead to a reduction in the cost of borrowing in foreign currencies for the Philippine government and private companies in the country.
S&P also noted that the Philippines’ domestic economy was among the fastest-growing in the world on a 10-year weighted average and on per capita basis.
This, it said, is “a reflection of (the Philippines’) supportive policy dynamics and improving investment climate.” With a report from PNA
