House Speaker Martin Romualdez (left) and President Ferdinand "Bongbong" Marcos Jr.

"An unequivocal vote of confidence" in the Marcos administration's socioeconomic agenda.

That's how House Speaker Martin Romualdez described Fitch Ratings’ revision of its credit outlook for the Philippines’ long-term debt from negative to “stable".

“This is clearly an acknowledgment of our efforts to push through Congress the measures and reforms needed to pursue the eight-point socioeconomic agenda of President Ferdinand "Bongbong" Marcos Jr., meant to create more jobs, improve social services, and steer the economy irreversibly back to the strong growth path it is on before the pandemic,” Romualdez said in a statement Tuesday, May 23.

On Monday, Fitch announced that it revised from negative to “stable” the outlook for the Philippines’ Long-Term Foreign-Currency Issuer Default Rating (IDR), and affirmed the country’s rating at investment grade "BBB".

A stable outlook means the country is likely to retain its current rating over the medium term of 12 to 18 months.

In its latest assessment, the international credit rating agency Fitch noted that the Philippine economy is “returning to strong medium-term growth after the Covid-19 pandemic, supporting sustained reductions in government debt/GDP (gross domestic product), after substantial increases in recent years".

Likewise, Fitch said the outlook revision reflects its assessment that the Philippines' economic policy framework remains sound and in line with BBB peers.

Meanwhile, Romualdez, Marcos' top ally in the legislature, reiterated the House of Representatives' commitment to pass the priority bills of the Marcos administration in a bid to institute the needed reforms that are meant to accelerate the momentum of the country’s post-pandemic economic recovery.

“The House of Representatives will persevere in doing our part to make sure the promise of a strong economy, more and better-paying jobs, food and energy security, and better education and opportunities for our youth are realized within the Marcos administration,” he said.