‘Ursula’-affected families record 600K mark
MANILA -- The number of families affected by Typhoon “Ursula”, which battered the country at the height of the Christmas season, has climbed to 600,142, the National Disaster Risk Reduction and Management Council (NDRRMC) reported Thursday.
The NDRRMC 6 a.m. update showed that the death toll remained at 50, injured at 362, and five still missing.
The 600,142 affected families are equivalent to 2,431,821 persons residing in 2,702 barangays in Mimaropa (Region IV-B),
For the private sector, he said this means being able to borrow at lower rates to finance their business expansions. Ordinary Filipinos likewise benefit because banks would be able to lend money to them at lower interest rates, he added.
“All of these will translate into larger investments and more jobs for Filipino workers. So, as you see, it is not just about getting upgrades or affirmations. It is also about upgrading the ordinary Filipino’s life,” Dominguez said.
Dominguez said S&P’s upgrade “summarizes all our efforts to maintain fiscal discipline, contain inflation, build a business-friendly market, and achieve the highest international reserves ever,” which stood at a record US$86.39 billion as of end-November 2019. “This strong position has helped keep the local currency stable,” he said.
S&P said it may raise its ratings further over the next two years “if the government makes significant further achievements in its fiscal reform program, or if the country’s external position improves such that its status as a net external creditor becomes more secure over the long term.” Another factor is a determination of a marked improvement in the Philippines’ “institutional settings.”
Dominguez said this means that the prompt approval of the remaining packages of the comprehensive tax reform program (CTRP) plus other pending economic reforms, such as the amendments to the Public Services Act (PSA), Retail Trade Act (RTA) and the Foreign Investments Act (FIA), will secure for the Philippines an “A” credit rating in two years’ time.