PH, nakitaan ng pagtaas sa economic growth at pagbaba sa deficit to GDP ayon sa DOF

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Transcript

00:00The Philippines received high credit ratings from the S&P Global Ratings.

00:05But what else is good about this in the country?

00:08And how does this affect the development of the Philippines?

00:12Let's find out in Joshua Garcia's story.

00:17What does the S&P Global Rating of the Philippines mean

00:20that from stable, it rose to a positive rating?

00:23According to the Department of Finance,

00:24the country gained a positive outlook on economic growth

00:28and good in other aspects

00:30such as lowering the deficit to gross domestic product or GDP

00:33within one to two years.

00:35Where if the degree given by the S&P rises,

00:38the confidence of the credit rating agencies also rises

00:41which will result in the country being able to borrow with low interest.

00:44Explained by the DOF,

00:45there are three things that are important in raising the credit rating outlook.

00:48First, how big the economy is.

00:51Where the GDP of the country rose by 6%

00:53under the Marcos administration.

00:55Second, the fiscal performance.

00:58If the deficit or reduction of expenses is decreasing

01:01compared to the size of the income.

01:03And third, the external and monetary.

01:05If the inflation is within the country's target

01:07and if the Philippines has enough international reserves

01:10in case of an economic shock.

01:12According to the DOF,

01:13the S&P was also based on the laws

01:15passed under the administration of President Ferdinand R. Marcos Jr.

01:18which facilitates the regulation of businesses

01:21and simplifies the payment of taxes

01:23by current and incoming investors in the country.

01:26So here in the S&P's last assessment,

01:28actually they cited the institutional strength of the Philippines.

01:32They saw that we have laws that passed the PPP law last year

01:37and the one recently passed by the President, Create More.

01:40Meanwhile,

01:41alongside the issues that the government is facing,

01:44the agency also assured that the political noise is not affected

01:47when it comes to incoming investments in the country.

01:49The DOF's undersecretary, Dominic Velasquez,

01:52has proven to the Philippines

01:53that their economy is not affected

01:56by any kind of mismatch in politics.

01:59But I think it doesn't really matter

02:02because we've proven ourselves

02:04that actually we're beyond this political noise.

02:06We're able to pass reforms.

02:08So here, we passed Create More.

02:10We're able to consolidate our finances.

02:14And that's why we have a positive outlook from the S&P.

02:20It's because we already have a track record

02:22that we're able to do this,

02:24whatever the political noise.

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Transcript

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