Metro Manila, Philippines — President Ferdinand Marcos Jr. touted the Philippines’ rating upgrade from Japan-based credit watchdog Rating and Investment Information, Inc. (R&I), adding it will help bring more investments and livelihood to the country.
R&I announced on Wednesday, Aug. 14, the credit rating upgrade from “BBB+” to “A-” with stable outlook “based on macroeconomic stability and high economic growth path as well as expected continuous improvement in fiscal balance.”
This is the country’s second A rating as Japan Credit Rating Agency also gave Manila a credit rating of “A-” in 2020.
In a statement on Saturday, Aug. 17, Marcos said the “A-” credit rating from R&I showed the strong confidence of investors on the Philippine economy.
“This will help us bring down borrowing costs and secure cheap and affordable financing for the government, businesses and ordinary consumers,” Marcos said.
“Ibig sabihin, sa halip na gumastos tayo para sa pagbayad ng interes, magagamit natin ang matitipid na pera para sa iba’t ibang pampublikong serbisyo gaya ng imprastraktura, healthcare facilities at pagpapatayo ng mga silid-aralan para sa ating mga mag-aaral,” the chief executive said.
[Translation: This means that instead of spending to pay interests, the country can use its savings for various public services like infrastructure, healthcare facilities, and the construction of classrooms for our learners.]
“Ang patuloy na pagpapabuti ng ating credit rating ay maghahatid ng mas maraming investments at dagdag na negosyo sa ating bansa na magdadala ng maraming kalidad na trabaho at mas mataas na kita para sa bawat Pilipino,” he added.
[Translation: The continued improvement of our credit rating will attract more investments and businesses to our country that will bring more quality jobs and higher wages to every Filipino.]
