Shoppers buy rice at a market in Manila, the Philippines. - AFP Photo
MANILA (Vietnam News/ANN): President of the Philippines Ferdinand R. Marcos Jr. is optimistic that the Philippines’ “A-” investment grade rating by Japan-based Rating and Investment Information, Inc. (R&I) would drive more investments into the country, reported the Philippine News Agency (PNA).
In a statement, President Marcos said that the country’s highest rating is a manifestation of high investors’ confidence in its robust economy. The latest upgrade of its credit score would cut borrowing costs and secure cheap and affordable financing for the government, businesses and ordinary consumers.
The leader said the latest credit rating is “also an upgrade on the lives of ordinary Filipinos,” as the government, instead of paying interest, could spend on public services like infrastructure, healthcare facilities, and the construction of school buildings.
He vowed that all Filipinos would benefit from the country’s economic growth, saying that it is key to ending poverty in the future.
The Philippines has earned an "A-" with a stable outlook from R&I, the largest credit rating agency in Japan. R&I cited the country's macroeconomic stability, high economic growth path, and improvement in fiscal balance as the basis for the rating, one notch up from a “BBB ” in August last year.
An “A-” reflects strong investor confidence in the country's macroeconomic stability, high economic growth and improved fiscal position. - Vietnam News/ANN
