Pilipinas, nakitaan ng pagtaas sa economic growth at pagbaba sa deficit to GDP

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Transcript

00:00The Philippines received a high credit rating from an international credit rating company.

00:06But what is the positive effect of this on our country, especially on our economy?

00:11Joshua Garcia will tell you in detail.

00:18What does the S&P Global Rating of the Philippines, which is stable, mean?

00:22It increased to a positive rating.

00:24According to the Department of Finance,

00:25the country gained positive outlook or increased economic growth and good in other aspects,

00:30such as decreasing the deficit to gross domestic product or GDP within one to two years,

00:36where if the degree given by the S&P rises,

00:39the confidence of the credit rating agencies also increases,

00:42which will result in the country being able to borrow money with low interest.

00:45The DOF explains that there are three things that determine the increase in the credit rating outlook.

00:49First, how big the economy is,

00:52where the country's GDP rose by 6% under the Marcos administration.

00:56Second, the fiscal performance,

00:58if the deficit or decrease in spending is decreasing compared to the size of the income.

01:04And third, the external and monetary,

01:06if the country's inflation is within the target,

01:08and if the Philippines has enough international reserves in case of an economic shock.

01:13According to the DOF, the S&P was also based on the laws passed under the administration of President Ferdinand R. Marcos Jr.,

01:19which facilitates the regulation of businesses and simplifies the expenses of current and incoming investors in the country.

01:26So here in the S&P's last assessment, actually, they cited the institutional strength of the Philippines.

01:33They saw that we have laws that passed the PPP law last year,

01:38and the one recently passed by the President, Create More.

01:41Meanwhile, in addition to the issues that the government is currently facing,

01:44the agency also announced that political noise will not be affected

01:48when it comes to incoming investments in the country.

01:50DOF Undersecretary Dominique Velasquez insisted that the Philippines has already proven

01:54that it will not affect the economy of any non-agreement in politics.

02:00But I think it doesn't really matter because we've proven ourselves that actually,

02:05we're beyond this political noise.

02:07We're able to pass reforms.

02:09So here, we passed Create More.

02:11We're able to consolidate our finances.

02:15And that's why we have a positive outlook from S&P.

02:21It's because we have a track record that we're able to do this,

02:25no matter what political noise.

02:26For now, the Philippines is second in the fastest-growing economy in the ASEAN regions.

02:31That's why DOF will continue their whole-of-government approach.

02:35Other agencies like BSP, NEDA, ARTA, and others will continue to increase the country's credit rating.

02:42Josh Garcia for Pangbansang TV in the new Philippines.

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