By Prince Golez
The Philippines has maintained its BBB+ credit rating despite negative effects resulting from the coronavirus pandemic, President Rodrigo Duterte said.
“I am happy to report that the Philippines has maintained its credit rating of BBB+,” Duterte said in a televised public address,” Duterte said in a nationally televised address late Monday.
The President said the resilience of the country’s growth can be attributed to his decision to immediately place the entire Luzon under enhance community quarantine to prevent the further spread of the viral infection.
“I am happy to report that the Philippines has maintained its credit rating of BBB+. Hanggang ngayon, ‘yung iba nagbagsakan na and because… Alam mo bakit? Kasi naniwala kayo — iyong iba kasi late nag-lockdown, ‘yung iba kung ano pa. Tayo sunod kaagad sa batas. Pagsabi gawain ‘to… Tapos ang mga trabahante ng gobyerno for the time na wala pang lockdown mahusay. They were really working,” according to him.
“Let us not forget government and itong mga Cabinet members, they’re hardworking, and the military and the police. Naaawa ako sa kanila. Kulang sa tulog, hindi sapat sa sahod pero that is how it is. Pumasok tayo diyan, magtiis tayo. But what is really very telling there is that we are serving our fellow human beings,” he added.
Last February, Fitch Ratings adjusted upward the Philippines’ “BBB” outlook, citing its “continued adherence to a sound macroeconomic policy framework” and “progress on fiscal reforms.”
In its report, the debt watcher said the country will remain among the fastest growing economies in the Asia-Pacific region in 2020-2021.