The House of Representatives pledged continued support for President Ferdinand Marcos Jr.’s economic agenda following the Philippines’ credit rating upgrade to “A-” by Japan-based Rating and Information Inc.
Speaker Ferdinand Romualdez highlighted that this rating, up from last year’s “BBB+”, confirms the effectiveness of the current economic policies.
The upgrade aligns with the Philippine Statistics Authority’s report of a 6.3 percent GDP growth in the second quarter, which is in line with multilateral institutions’ forecasts.
Romualdez emphasized that economic improvement should be tangible for citizens through increased funding for education, health, and other needs.
The upgraded rating is expected to reduce borrowing costs and save on interest payments, allowing for more financial assistance to the public.
Source: PhilNews24 | August 19, 2024
