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DOF explains factors for PH’s upgraded credit outlook
PTVPhilippines
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11/27/2024
DOF explains factors for PH’s upgraded credit outlook
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Transcript
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00:00
In the world of financing, banking, or even retail, credit is gold.
00:05
A must-have that implies trust and confidence in one's capacity to fulfill its duty to lenders.
00:11
And it's no surprise why and how the country has always maintained a better than good standing
00:16
with its creditors and international financing institutions.
00:20
BTV's Joshua Garcia has more.
00:24
S&P Global Ratings upgraded the Philippines' outlook from stable to positive.
00:29
Citing expected economic growth and improvements like a reduced deficit-to-GDP ratio,
00:34
this upgrade boosts confidence among credit rating agencies,
00:37
potentially lowering borrowing costs.
00:39
The Department of Finance highlights three key factors.
00:42
Number one, strong economic growth.
00:45
Second, improved fiscal performance or lower deficit.
00:48
And third, stable external and monetary conditions
00:51
like weather inflation in the countries within its target and adequate reserves.
00:55
According to the Finance Department, the S&P also based its decision on the laws passed
01:00
under President Ferdinand R. Marcos, Jr.'s administration, which streamlined business
01:04
regulations and simplified tax payments for current and incoming investors in the country.
01:09
So, here in the S&P's latest assessment, actually,
01:12
they cited the institutional strength of the Philippines.
01:24
Meanwhile, despite the issues facing the government, the agency assured
01:28
that political noise does not affect the inflow of investments in the country.
01:32
DOF Undersecretary Dominique Velasquez emphasized that Philippines has proven
01:36
that differences in philosophies and policies have little impact on the country's economy.
02:07
For quite some time now, the Philippines has been the second fastest growing economy
02:12
in the ASEAN region. The agency assures to continue its whole-of-government approach,
02:16
working with other agencies like the BSP, NEDA, ARTA, and others to improve the country's credit
02:22
rating. From PTV Manila, Joshua Garcia for Balitang Kambansa.
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