MANILA - President Ferdinand R. Marcos Jr. expressed confidence that the recent upgrade of the Philippines' credit rating to 'A-' by Japan's Rating and Investment Information, Inc. (R and I) will catalyze further investment and spur economic growth.
According to Philippines News Agency, the upgrade signifies strong investor confidence in the Philippines' robust economic framework. The president highlighted that the improved credit score will reduce borrowing costs and facilitate cheaper financing options for the government, businesses, and consumers. This development, he noted, is expected to attract more investments and create new business opportunities, leading to job creation and increased earnings for Filipinos.
Marcos elaborated on the broader impacts of the credit upgrade, stating it represents an enhancement in the quality of life for ordinary Filipinos by allowing the government to redirect funds from debt payments to public services, such as infrastructure, healthcare, and education. He also emphasized the commitment of his administration to leverage this economic momentum to significantly reduce poverty.
The credit rating, which is the first upgrade under Marcos' administration, was attributed by R and I to the country's macroeconomic stability, high economic growth trajectory, and improved fiscal balance. This upgrade marks a progression from the previous 'BBB+' rating assigned in August of the previous year, reflecting a stable economic outlook.