After financial analytics firm S&P Global maintained the Philippines’ long-term foreign currency-rating at BBB+, House Ways and Means Chairman and Albay 2nd district Rep. Joey Salceda credited the Marcos administration for successful economic recovery.
On Thursday, Nov. 17, S&P Global kept the country’s investment grade rating at BBB+, just one notch under the top score of A. It also maintained a stable outlook on the country’s economy.
READ: https://mb.com.ph/2022/11/17/sp-global-maintains-ph-investment-grade-status/
“The S&P’s assessment of our prospects over the next two years affirms the deliberate success of the Marcos administration in accelerating the country’s economic recovery. Indeed, as I have emphasized, this is not a fluke. Hindi ito tsamba (This wasn’t luck),” Salceda said on Friday, Nov. 18.
“We are also still just one notch away from A-level rating, indicating that we are a few growth-affirming structural reforms away from emerging stronger out of Covid-19 than we were pre-pandemic,” he continued.
The House Tax chairman then warned of inflation which he says is a “major downside risk” to the country’s economic growth. To ward the economy, Salceda put forward growth in the agricultural sector.
“Moving forward, inflation is still the major downside risk to growth. So, growth in the agricultural sector, which PBBM has achieved in his first choice quarterly GDP report, must be sustained. More food production means lower food prices and higher disposable income to help other sectors recover,” he said.
“The recent issuance of the RE Law IRR amendments, the issuance of new rules on agriculture, fisheries, and rural development, and the upcoming issuance of the IRR of the Public Service Act amendments will also unlock foreign and domestic funds for investment in key sectors such as energy, telecommunications, and agriculture,” the solon added.