Palace at­tributes debt rating up­grade to eco­nomic re­forms

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MALA­CAÑANG on Thurs­day, May 2, said the eco­nomic re­forms be­ing pushed un­der the lead­er­ship of Pres­i­dent Ro­drigo Duterte led to a credit rating up­grade for the Philip­pines.

S&P Global Rat­ings raised the credit rating of the Philip­pines by a notch to BBB+ from BBB, cit­ing the coun­try’s strong eco­nomic growth tra­jec­tory, healthy ex­ter­nal po­si­tion and sus­tain­able pub­lic fi­nances.

In a state­ment, Pres­i­den­tial Spokesper­son Sal­vador Panelo said a higher credit rating means a bor­rower coun­try is a “cred­it­wor­thy sov­er­eign” that can have ac­cess to a wider pool of funds.

“This is the high­est credit rating up­grade in the eco­nomic his­tory of the Philip­pines,” the Palace of­fi­cial said.

“The Palace is pleased with the re­port from global debt watcher, Stan­dard & Poor’s, that the Philip­pines has re­ceived a credit rating up­grade of BBB+ sta­ble out­look, a step closer to bag­ging a sin­gle ‘A’ grade,” he added.

Panelo bragged that Duterte’s eco­nomic team has done a “splen­did job” in putting the eco­nomic house in or­der and spear­head­ing bold eco­nomic re­forms.”

He also ac­knowl­edged Congress’s co­op­er­a­tion to bol­ster the do­mes­tic econ­omy, which he said is pro­jected to be­come one of the world’s top 25 economies.

“These re­forms (in­tro­duced by the coun­try’s eco­nomic man­agers) in­clude tax re­form, lib­er­al­iza­tion of the rice sec­tor, strength­en­ing of the Bangko Sen­tral ng Pilip­inas’ char­ter, ease of do­ing busi­ness, re­lax­ing the for­eign in­vest­ment neg­a­tive list and mod­ern­iz­ing in­fra­struc­ture, among oth­ers,” Panelo said.

Panelo also em­pha­sized Duterte’s re­solve to push for a “thriv­ing econ­omy” by en­sur­ing that the coun­try is free from drugs, crime and cor­rup­tion.

He said the Pres­i­dent’s ac­tions are es­sen­tial to bring a “com­fort­able and se­cure” life for the Filipino peo­ple.

“His ac­tions based on this be­lief have thus pro­moted our coun­try’s stand­ing not just in peace and or­der but also in terms of our econ­omy,” he said./ Suns­tar Philip­pines

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