A head of President Rodrigo Duterte’s economic team said Wednesday that the S&P Global’s upgrade of the Philippines’ credit rating is a “green light” for more investments in the country.
Finance Secretary Carlos Dominguez stated that the upgrade to one notch below the minimum “A” rating will allow the government and Filipino companies to borrow at lower interest.
Adding it was a “definitive win” for the government, “The upgrade is a green light to invest more in our fast-growing economy.”
“More foreign direct investments means more jobs, increased productivity, higher incomes for our people,” he added.
At BBB+, S&P Global rates the Philippines above Italy and Portugal and one notch below Spain and Malaysia.
Dominguez stated that the government would continue pursuing “game-changing” reforms, including the ongoing overhaul of the tax system.Share on