DOF explains factors for PH’s upgraded credit outlook

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Transcript

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.

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