A few months before reaching the midpoint of his six-year term, President Marcos ensured that the government was doing everything so every Filipino would benefit from the country's improving economy.

Marcos said this after the Japan-based Rating and Investment Information, Inc. (R&I) upgraded the Philippines’ investment grade rating to “A-” amid its strong economic performance.

In his message late Saturday, Aug. 17, the President said the country’s record-breaking highest rating manifests high investors’ confidence in the Philippine economy. Despite this, he assured Filipinos that his administration would not rest on its laurels.

"Bagama’t ito ang kauna-unahang credit rating upgrade ng aking administrasyon, hindi po tayo hihinto rito (While this is the first-ever credit rating upgrade under my administration, we will not stop here)," he said.

"We will keep giving our best to make sure that every Filipino benefits from economic growth until we break the cycle of poverty," he added.

According to Marcos, the credit rating upgrade was also an upgrade on the lives of ordinary Filipinos. He said it would cut borrowing costs and secure cheap and affordable financing for the government, businesses, and ordinary consumers.

This means instead of paying interest, the government could spend on public services like infrastructure, healthcare facilities, and the construction of school buildings for young Filipinos, eventually breaking the cycle of poverty soon.

"This will help us invest more in our people – paving the way for more Carlos Yulos in the near future," the President said.

"Ang patuloy na pagpapabuti ng ating credit rating ay maghahatid ng mas maraming investments at dagdag na negosyo sa ating bansa na magdadala ng maraming kalidad na trabaho at mas mataas na kita para sa bawat Pilipino,” he added.

The R&I cited macroeconomic stability and high economic growth path and expected continuous improvement in the country’s fiscal balance as the basis for the rating upgrade to ‘A-,’ one notch up from the country’s previous rating of “BBB+” in August last year.

The Philippines was also upgraded to a “stable” outlook from the previous “positive” grade it received from the credit rating firm.

In his State of the Nation Address (SONA) last month, President Marcos proudly reported that the Philippines was able to weather the different challenges it faced, especially economic challenges, noting that 2.5 million Filipinos have been lifted out of poverty.

"Halos dalawa’t kalahating milyong (2.5 million) Pilipino ang naiangat natin mula sa kahirapan (We have lifted 2.5 million out of poverty)," he said.

"Patuloy nating pagsisikapan na marami pa tayong ma-i-aahon mula sa kahirapan (We will continue to strive to bring more people out of poverty)," he added.

To sustain the country’s economic gains, Marcos said the government is promoting investment-led growth.

Last month, the National Economic and Development Authority (NEDA) reported that the Philippines has made remarkable strides in reducing poverty levels between 2021 and 2023 despite experiencing domestic and external challenges, marking significant progress toward the government’s ambitious target of reducing poverty incidence to a single-digit level by 2028.

The 2023 Full Year Official Poverty Statistics the PSA issued last month showed the poverty incidence among the population significantly dropped to 15.5 percent from 18.1 percent in 2021.

Single-digit poverty rate

With this, the Department of Finance (DOF) said on Saturday, Aug. 17, that the administration was on track to attaining a single-digit poverty rate by 2028 with the country’s current good economic performance.

"Hopefully sa end ng President Marcos administration, below 10 percent at single digit na siya. So, we’re on track actually to bring down poverty to a single digit," Finance Undersecretary Domini Velasquez told a news forum in Quezon City.

She said lifting 8 million Filipinos from poverty by 2028 is doable and that the Philippines is on its way to becoming an “upper-middle-income country” like Indonesia by next year.

One of the economic indicators that Velasquez cited was the country’s second-quarter gross domestic product (GDP) growth, with the Philippine economy expanding to 6.3 percent from the first quarter’s 5.8 percent.

According to Velasquez, investments and construction recorded marked increases as the government aggressively funds big-ticket infrastructure projects to push the Build Better More program.

While spending among Filipino consumers remains conservative the DOF's chief economist expects aggressive spending because of good employment figures and remittances from Overseas Filipino Workers (OFWs).

Early this month, Marcos vowed to invest in job-generating infrastructure and social protection programs to further lower the country's poverty rate to nine percent by 2028 after reporting that the country’s unemployment rate dropped to 3.1 percent in June, one of the lowest on record for the last two decades.

"Our goal is to further reduce this rate to nine percent by 2028 and improve the lives of 8 million Filipinos," he said.

"Balewala lahat ng ating ginagawa kung walang pagbabago sa buhay ng mga Pilipino (Everything we are doing is for naught if nothing changes in the lives of Filipinos)," he added.

Marcos assured the public that the government will continue investing in job-generating infrastructure, social protection programs, health, and education for all Filipinos. Over 50.3 million Filipinos are now employed, with 63.8 percent of them in the formal sector.

According to the President, the Philippine economy grew by 6.3 percent in the second quarter of this year, compared to the previous year. He said it is among the highest among the Association of Southeast Asian Nations (ASEAN).

"This is due to the increase in investments and construction under the Build Better More program," he said.