President Ferdinand Marcos Jr. announced on Saturday that the Philippines’ recent credit rating upgrade by Japan-based Rating and Investment Information (R&I) will greatly benefit the country.
“This upgrade reflects the strong investor confidence in our economy. It also signifies an improvement in the lives of every Filipino,” Marcos said in a statement.
He emphasized that the upgraded rating will lower borrowing costs and provide more affordable financing options for Filipinos. “This will enable us to invest more in our people, paving the way for more success stories like Carlos Yulo’s,” he added, referring to the double Olympic champion in men’s artistic gymnastics at the 2024 Paris Games.
Marcos also highlighted that the improved credit rating would attract more investments and generate jobs, contributing to breaking the cycle of poverty in the country.
R&I recently assigned the Philippines an A- rating with a stable outlook, the highest rating the country has achieved to date. The credit watcher noted that the Philippine economy is expected to maintain stable growth, driven by active investments in both public and private sectors, the development of domestic industries like business process outsourcing, and favorable demographic trends.
Additionally, R&I pointed out that the fiscal balance, which had worsened during the COVID-19 pandemic, has improved, and the government debt ratio is expected to start declining in the next year or two.