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Manila Bulletin devider Philippines devider National devider PH economic growth not affected by political issues—DOF exec

PH economic growth not affected by political issues—DOF exec

Published Aug 18, 2024 05:06 am

Current political issues in the Philippines are not affecting the performance of the country's economy, an official of the Department of Finance (DOF) assured the public.

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Finance Undersecretary Domini Velasquez said investor confidence has not waned despite the growing noise in the political arena.

Velasquez explained that investors are able to separate economic from political issues.

“Actually, matagal nang mukhang hindi masyadong naaapektuhan. Nadi-differentiate ng mga investors iyong economic versus iyong political (it has not been affected for so long. Investors are able to differentiate economic versus political),” Velasquez said in a news forum in Quezon City.

Velasquez cited the recent credit rating upgrade of the country from Japan’s largest credit rating agency this week, which affirmed the country’s growing and strengthening economy.

The Rating and Investment Information, Inc. (R&I) upgraded the Philippines’ credit rating to "A-" with a stable outlook from "BBB+" last year.

At present, the Philippines holds an “A-” rating from the Japan Credit Rating Agency (JCR), “BBB” from Fitch Ratings, “Baa2” from Moody’s Ratings, and “BBB+” from Standard & Poor’s (S&P) Global Ratings.

8-M Pinoys out of poverty by 2028 doable

The Finance official also said that lifting eight million Filipinos from poverty by 2028 is doable, adding the country's potential of becoming an “upper middle-income country” like Indonesia by next year.

“So, actually, mag-i-increase ng mga aalisin natin sa mahihirap – mga eight million mga kailangan natin, eight million alisin by 2028. Doable naman iyon (Those who will be out from poverty by 2028 will increase, eight million will be lifted from poverty by 2028),” Velasquez explained.

Velasquez said the Philippines’ Gross Domestic Product (GDP) grew by 6.3 percent in the second quarter from 5.8 percent.

Unemployment is also 3.1 percent lower than the 5.1 percent during the pre-pandemic, she said.

She added that the Marcos administration is on track to bring down the poverty rate into a single digit by 2028.

Related Tags

political issues POVERTY RATE Philippine economy Department of Finance
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