MANILA: The House of Representatives would continue to support the economic and prosperity agenda of the Marcos administration with legislative measures needed to sustain economic growth.
Speaker Ferdinand Romualdez said in a news release Sunday that the ‘A-‘ rating given to the Philippines by the Japan-based Rating and Information Inc. ‘is an affirmation that the economic and fiscal policy direction of President Ferdinand R. Marcos Jr. is on track.’
The President has expressed elation over the improved rating, saying it was the ‘highest to date.’
In the previous year, the country obtained a ‘BBB+’ mark.
The credit upgrade follows the report of the Philippine Statistics Authority that the country’s economy grew by 6.3 percent during the second quarter of this year.
Romualdez said this figure aligns with the full-year growth forecast of multilateral lending institutions ranging from 5.9 percent to 6.2 percent.
‘I am confident that we can attain these numbers. Pero gaya ng sinabi ko na, dapat maramdaman n
g ating mga kababayan ang paglago ng ating ekonomiya sa pamamagitan ng tulong at malaking pondo para sa edukasyon, kalusugan, sa kanilang mga pangangailangan, at iba pang (But like what I’ve said, this improvement in our economy must be felt by our countrymen by means of aid and big budgets for education, health, their daily needs, and other) assistance,’ Romualdez said.
He pointed out that the credit rating upgrade would mean less borrowing cost for the country and lower interest payments for loans.
‘The money we can save in the national budget for interest payments we can use for more financial assistance to our people. Isang paraan ‘yan para maramdaman nila ang (That is one way of feeling that there really is) economic growth,’ he said.
Source: Philippines News Agency