Malacañang expressed jubilation over the report from global debt watcher, Standard & Poor’s, that the Philippines has received a credit rating upgrade of BBB+ stable outlook, a step closer to bagging a single “A†grade.
A higher credit rating means a borrower country is a creditworthy sovereign that can have access to a wider pool of funds.
Accoring to Panelo, this is the highest credit rating upgrade in the economic history of the Philippines.
Panelo also bragged that the economic team of the President has done a splendid job in putting the economic house in order and spearheading bold economic reforms, in cooperation with Congress, in bolstering the domestic economy, which is projected to become the world’s top 25 economy.
“These reforms include tax reform, liberalization of the rice sector, strengthening of the Bangko Sentral ng Pilipinas’ charter, ease of doing business, relaxing the foreign investment negative list and modernizing infrastructure, among others,” Panelo said.
Meanwhile, Panelo added that the President “understands that a thriving economy under an environment free from drugs, crime and corruption is essential to bring our people to a life which is comfortable and secure.
