Speaker Martin Romualdez led House of Representatives officials Wednesday, Nov. 27 in hailing the Philippines’ recent credit rating outlook upgrade from "stable" to “positive” by S&P Global Ratings.

Romualdez said the credit rating boost reflected the unified leadership and effective governance of President Marcos, and showcased the administration’s commitment to pursuing economic stability and growth despite challenges besetting the nation.

“What does this upgrade mean? Mas marami ang mag-iinvest sa ating bansa dahil sa rating na ito. Mas maraming investment, mas lalago ang ating ekonomiya at mas dadami ang trabaho para sa ating mga kababayan,” Romualdez said.

(This rating will pave the way for more investors to the country. More investments mean a healthier economy and more jobs for our countrymen.)

The Speaker lauded President Marcos’s leadership in navigating global economic uncertainties. 

“President Marcos has steered the country through challenging times, ensuring that the economy remains robust and capable of competing on the global stage,” said the Leyte 1st district congressman.

More upgrades coming 

The House's resident economist, Albay 2nd district Rep. Joey Salceda attributed the recent upgrade to “improved assessment of institutional and policy settings in the Philippines". 

"I attribute this to key policy reforms to expand our fiscal space, in the case of the long-overdue Digital Economy Taxation Act, and the expansion of our investor base through CREATE MORE," said Salceda.

"I believe that the big three (S&P, Moody's, Fitch) will eventually upgrade our rating to A-levels once we pass fiscal reform in mining and the Capital Markets Efficiency Promotion Act, which will also expand our capital base," noted the Committee on Ways and Means chairman.

"The Senate has already advanced both measures, and I think we might agree on versions for both before Christmas," he said.

"We enter 2025 with even more favorable macro conditions: low inflation, stable employment levels, gradually declining interest rates. So, more upgrades are coming," Salceda predicted. 

"Every rating upgrade would save the Filipino taxpayer as much as P29 billion in interest payment costs in the budget. That is money for as many as 1,160 classrooms, about 30 new provincial hospitals, and as much as 1,414 kilometers of concrete roads. These are very real impacts on the Filipino family," he highlighted.

Senior Deputy Speaker Pampanga 3rd district Rep. Aurelio "Dong" Gonzales Jr., Deputy Speaker Quezon 2nd district Rep. David "Jay-jay" Suarez, and Majority Leader Zamboanga City 2nd district Rep. Manuel Jose "Mannix" Dalipe similarly praised President Marcos for successfully steering the ship, so to speak. 

“Ang tagumpay na ito ay hindi lamang para sa gobyerno; ito ay para sa bawat Pilipino na nagsusumikap para sa mas magandang kinabukasan,” Gonzales emphasized.

(This success isn't just for the government, this is for every Filipino who strives for a better tomorrow.)

Gonzales lauded the Marcos administration’s focus on economic recovery amid political distractions and external challenges. 

“Kahit marami ang ingay sa paligid, nananatili ang atensyon ng administrasyon sa pagpapaunlad ng ating ekonomiya at pagbibigay ng ginhawa sa ating mga kababayan,” he said.

(Despite all the noise, the administration maintains its attention on improving the economy and in providing relief to our countrymen.)

House did its part

Suarez credited the achievement to the cohesive partnership between the legislative and executive branches under the Marcos administration. 

“This recognition is proof that united leadership brings tangible results for the Filipino people,” Suarez said.

He also pointed out that the House’s efforts align closely with the administration’s goal of promoting inclusive and sustainable growth.

S&P’s decision to upgrade the country’s outlook was based on improved fiscal management, consistent infrastructure investments, and robust policy frameworks. 

“This outcome shows the world that the Philippines is serious about fostering a stable and investor-friendly environment,” he explained.

Dalipe, for his part, said he House has been proactive in enacting legislation that fosters economic stability and growth. "Our commitment to passing laws that encourage public-private partnerships has been instrumental in funding major infrastructure projects,” he stated.

Among the significant legislative measures is the Public-Private Partnership (PPP) Act, which facilitates collaborations between the government and private sector. 

“These partnerships are crucial in building roads, schools and hospitals that directly benefit our communities,” Dalipe explained.

The improved credit outlook is expected to lower the country’s borrowing costs, enabling the government to allocate more resources to essential services. 

“With reduced interest payments, we can invest more in healthcare, education and poverty alleviation programs,” Dalipe said.