Economic reforms cited

May 02, 2019
Salvador Panelo

MALACANANG yesterday attributed the country’s higher credit rating to economic reforms attained under the administration of President Rodrigo Duterte.

The Philippines earned an upgrade to BBB+ credit rating, its highest score in history, from international debt watcher Standard & Poor’s, which cited the country’s strong growth trajectory, healthy external position, and sustainable public finances.

In a statement, Presidential Spokesperson Salvador Panelo noted that a higher credit rating means a borrower country is a “creditworthy sovereign” that can have access to a wider pool of funds.
Panelo said Duterte’s economic team “has done a splendid job in putting the economic house in order and spearheading bold economic reforms.”

“These reforms include tax reform, liberalization of the rice sector, strengthening of the Bangko Sentral ng Pilipinas’ charter, ease of doing business, relaxing the foreign investment negative list and modernizing infrastructure, among others,” Panelo said.

The Palace official also touted Duterte’s leadership anchored on achieving an environment free from drugs, crime and corruption.

“His actions based on this belief have thus promoted our country’s standing not just in peace and order but also in terms of our economy,” he said.