00:00In the world of financing, banking, or even retail, credit is gold.
00:05A must-have that implies trust and confidence in one's capacity to fulfill its duty to lenders.
00:11And it's no surprise why and how the country has always maintained a better than good standing
00:16with its creditors and international financing institutions.
00:20BTV's Joshua Garcia has more.
00:24S&P Global Ratings upgraded the Philippines' outlook from stable to positive.
00:29Citing expected economic growth and improvements like a reduced deficit-to-GDP ratio,
00:34this upgrade boosts confidence among credit rating agencies,
00:37potentially lowering borrowing costs.
00:39The Department of Finance highlights three key factors.
00:42Number one, strong economic growth.
00:45Second, improved fiscal performance or lower deficit.
00:48And third, stable external and monetary conditions
00:51like weather inflation in the countries within its target and adequate reserves.
00:55According to the Finance Department, the S&P also based its decision on the laws passed
01:00under President Ferdinand R. Marcos, Jr.'s administration, which streamlined business
01:04regulations and simplified tax payments for current and incoming investors in the country.
01:09So, here in the S&P's latest assessment, actually,
01:12they cited the institutional strength of the Philippines.
01:24Meanwhile, despite the issues facing the government, the agency assured
01:28that political noise does not affect the inflow of investments in the country.
01:32DOF Undersecretary Dominique Velasquez emphasized that Philippines has proven
01:36that differences in philosophies and policies have little impact on the country's economy.
02:07For quite some time now, the Philippines has been the second fastest growing economy
02:12in the ASEAN region. The agency assures to continue its whole-of-government approach,
02:16working with other agencies like the BSP, NEDA, ARTA, and others to improve the country's credit
02:22rating. From PTV Manila, Joshua Garcia for Balitang Kambansa.
