House Speaker Martin Romualdez (left), President Ferdinand "Bongbong" Marcos Jr. (Speaker’s office)

House Speaker Martin Romualdez says the Philippines' A- credit rating from Japan-based Rating and Information Inc. “is an affirmation that the economic and fiscal policy direction of President Ferdinand ‘Bongbong’ R. Marcos Jr. is on track". 

Romualdez, arguably President Marcos' top ally in the legislature, had this to say in a statement Sunday, Aug. 18. 

The leader of the 300-plus strong House further called Rating and Information Inc.'s score on the country “an encouraging development". 

The President has expressed elation over the improved rating, saying it was the “highest to date.” Last year, the rating agency gave the country a BBB+ mark. 

Romualdez said the House of Representatives would continue to support the economic and prosperity agenda of the Marcos administration with legislative measures needed to sustain economic growth. 

He says the credit upgrade follows the report of the Philippine Statistics Authority (PSA) that country’s economy grew by 6.3 percent in the second quarter of this year. 

This figure aligns with the full-year growth forecast of multilateral lending institutions ranging from 5.9 percent to 6.2 percent, says the House leader. 

READ THIS: 

https://mb.com.ph/2024/7/22/matibay-at-matatag-economic-flourish-is-real-under-marcos-says-romualdez

“I am confident that we can attain these numbers. Pero gaya ng sinabi ko na, dapat maramdaman ng ating mga kababayan ang paglago ng ating ekonomiya sa pamamagitan ng tulong at malaking pondo para sa edukasyon, kalusugan, sa kanilang mga pangangailangan, at iba pang assistance,” he stressed. 

(But like what I said, our countrymen must be able to feel this economic growth through government aid and bigger funding for education, health, and for their other needs, for other forms of assistance.) 

He pointed out that the credit rating upgrade would mean less borrowing cost for the country and lower interest payments for loans. 

“The money we can save in the national budget for interest payments we can use for more financial assistance to our people. Isang paraan ‘yan para maramdaman nila ang economic growth,” he added.