The chairperson of the House of Representatives’ committee on appropriations on Wednesday said the improved credit rating of the Philippines based on the latest Standard & Poor’s Global Ratings research proves that the Duterte administration has implemented the correct economic and fiscal policies.
Davao City Rep. Karlo Nograles, the panel’s chairperson, was referring to the results of an April 26 S&P Global Ratings research wherein the Philippines’ long-term sovereign credit rating was revised from “stable” to “positive.”
At the same time, the New York-based financial services company affirmed its “BBB” long-term and “A-2” short-term ratings on the Philippines.
“The positive outlook reflects our view that improvements to the Philippines’ policymaking settings could support a track record of more sustainable public finances and balanced growth over the next 24 months,” S&P said.
The firm added the Philippines “has a strong external position, and improving policymaking in recent years has contributed to sustainable public finances, as well as solid economic growth.”