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By APD writer Melo M. Acuña
MANILA, May 1 (APD) -- The Bangko Sentral ng Pilipinas, through its Investor Relations Office said in a vote of confidence, international debt watcher SP Global upgraded the country’s credit rating from “BBB” to “BBB+” with a “stable” outlook.
In a statement released this afternoon, the IRO said in a report released today, SP recognized the strengths of the Philippine economy that affirms the country’s creditworthiness.
“The Philippines has above-average economic growth, a healthy external position, and sustainable public finance,” SP observed. IRO said the stable outlook on the region “reflects our view that the Philippine economy will maintain its momentum over the medium term, in combination with contained fiscal deficits and stable public indebtedness.”
IRO said the upgrade from SP comes after the sustained robust economic growth, which has consistently settled above the 6.0 percent mark for the last 15 quarters amidst global economic challenges. It was achieved after the continued exercise of fiscal discipline as the government invests more in infrastructure and human capital development.
The upgrade also recognizes the implementation of vital policy and infrastructure reforms expected to fuel or boost robust, sustainable, and more inclusive economic growth for the Philippines. It said major reforms include laws on tax reform, liberalization of the rice sector, and strengthening of the Bangko Sentral ng Pilipinas’ charter and initiatives to increase the ease of doing business and relax the foreign investment negative list.
Reacting to the upgrade, Finance Secretary Carlos G. Dominguez III said SP Global’s credit rating by one notch higher said it is “an undeniable tribute to President Duterte’s unwavering commitment to bold r4eforms and sound economic policies underscored in the 10-point socioeconomic agenda of the administration and outstanding political will to get though incentives attended to at the soonest possible time.
(ASIA PACIFIC DAILY)
