Press Releases

Statement on S&P Global Ratings upholding of “stable” outlook for the PH 

November 17th, 2022

The S&P’s assessment of our prospects over the next two years affirms the deliberate success of the Marcos administration in accelerating the country’s economic recovery. Indeed, as I have emphasized, this is not a fluke. Hindi ito tsamba. 

We are also still just one notch away from A-level rating, indicating that we are a few growth-affirming structural reforms away from emerging stronger out of Covid-19 than we were pre-pandemic. 

Just today, the House committee on public works approved my measure on a new national framework for Public-Private Partnerships. Where fiscal space is growing but still limited, PPPs will accelerate recovery in necessary capital outlays on public goods. That should improve our growth prospects while maintaining fiscal discipline.

The recent issuance of the RE Law IRR amendments, the issuance of new rules on agriculture, fisheries, and rural development, and the upcoming issuance of the IRR of the Public Service Act amendments will also unlock foreign and domestic funds for investment in key sectors such as energy, telecommunications, and agriculture. 

Moving forward, inflation is still the major downside risk to growth. So, growth in the agricultural sector, which PBBM has achieved in his first choice quarterly GDP report, must be sustained. More food production means lower food prices and higher disposable income to help other sectors recover.

I will continue to work with the government in achieving its revenue targets, coming up with policy innovations, and expediting key reforms and programs through constructive oversight.

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