Speaker Martin Romualdez —Official Facebook page of the House of Representatives
MANILA, Philippines — Speaker Martin Romualdez on Sunday maintained that the “encouraging development” of the Philippines’ “A-” credit rating from Japan-based Rating and Investment Information Inc. (R&I) was an affirmation that the Marcos administration’s economic and fiscal policy direction was on track.
Romualdez vowed that the House of Representatives would continue to support President Ferdinand Marcos Jr.’s economic and prosperity agenda through legislation needed to sustain the country’s economic growth.
He noted that the credit upgrade, which R&I issued on Aug. 14, followed the Philippine Statistics Authority’s report that the Philippine economy grew by 6.3 percent in the second quarter of the year, adding that it aligned with the full-year growth forecast by multilateral lending institutions, which ranged from 5.9 percent to 6.2 percent.
READ: Philippines gets ‘A’ rating from Japanese credit watchdog
The Speaker said, “I am confident that we can attain these numbers,” but pointed out in Filipino that economic growth must be felt by Filipinos though various programs in education, health and social protection services.
He explained that the credit rating upgrade would mean fewer borrowing costs for the country and lower interest payments on loans.
“The money we can save in the national budget for interest payments we can use for more financial assistance to our people,” he pointed out.
The credit rating upgrade by R&I was a notch higher than its earlier “BBB+” rating of the Philippine government.
The President himself said on Saturday that the upgrade will bolster the country’s continued economic growth, which he hopes will eventually break the cycle of poverty.
In his message on Saturday, Marcos said the country’s highest rating to date manifests high investor confidence in the Philippine economy, noting it’s also an upgrade on the lives of ordinary Filipinos.
He said the latest upgrade would cut borrowing costs and secure cheap and affordable financing for the government, businesses, and ordinary consumers.