The Philippines’ recent credit rating outlook upgrade to “positive” by S&P Global Ratings reflects the unified leadership and effective governance of President Ferdinand Marcos Jr., showcasing the administration’s commitment to economic stability and growth despite challenges besetting the nation.
This is according to Speaker Ferdinand Martin G. Romualdez, the leader of the 300-plus-strong House of Representatives, adding that the international credit rating organization’s credit upgrade to the Philippines marks a significant step toward achieving an ‘A’ sovereign rating.
Albay Rep. Joey Sarte Salceda, the House’s resident economist and chair of the Ways and Means Committee, shared Romualdez’s views.
This development is directly attributable to President Marcos’s responsible approach to fiscal policy, and Congress’s efforts to enact fiscal reform.
The upgrade highlights the nation’s improved fiscal management, robust economic reforms and policy environment conducive to long-term development. He emphasized the vital role of Congress in supporting economic policies that drive growth.
Among these initiatives are the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act or simply, the “CREATE MORE” Act, and key tax reform measures, which have attracted investments and boosted economic activity.
These legislative efforts have been pivotal in achieving the upgraded credit rating outlook.
“What does this upgrade mean? More people will invest in our country because of this rating.
The more investment, the more our economy will grow and the more jobs for our countrymen,” Romualdez said.
The Speaker lauded President Marcos’s leadership in navigating global economic uncertainties.
S&P’s recognition serves as a reminder of the importance of sustaining the reforms and policies that have brought the country this far. Romualdez reiterated Congress’s commitment to passing laws that strengthen the economy and enhance the nation’s creditworthiness.
The Leyte lawmaker also addressed the political distractions that have challenged the administration.
Romualdez called on all sectors to rally behind the administration’s efforts to sustain the country’s upward trajectory.
