{"id":257799,"date":"2020-06-11T22:46:50","date_gmt":"2020-06-12T02:46:50","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=257799"},"modified":"2020-06-11T22:46:50","modified_gmt":"2020-06-12T02:46:50","slug":"ph-joins-emerging-economies-with-a-level-credit-rating","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/06\/11\/ph-joins-emerging-economies-with-a-level-credit-rating\/","title":{"rendered":"PH joins emerging economies with A-level credit rating"},"content":{"rendered":"
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House ways and means committee chair Joey Sarte Salceda made the remark after Japan Credit Rating Agency Ltd. (JCR) upgraded the country\u2019s sovereign rating from BBB+ to A- with a \u201cstable\u201d outlook. (File Photo<\/a>: Joey Sarte Salceda\/Facebook<\/a>)<\/figcaption><\/figure>\n

MANILA<\/strong>\u00a0\u2013 An economist-lawmaker on Thursday said the credit rating upgrade to A level has put the Philippines among the list of strongest emerging economies in the world.<\/p>\n

House ways and means committee chair Joey Sarte Salceda made the remark after Japan Credit Rating Agency Ltd. (JCR) upgraded the country\u2019s sovereign rating from BBB+ to A- with a \u201cstable\u201d outlook.<\/p>\n

Salceda described the credit rating adjustment as an unprecedented achievement in the country\u2019s fiscal position, and an affirmation of the country\u2019s commitment to fiscal reform.<\/p>\n

\u201cThis is an unprecedented achievement and it is a validation of the hard work we have been doing over recent years,\u201d Salceda said.<\/p>\n

\u201cIn previous crises, we had to enact painful reforms to make up for the sins of the past\u2026 that\u2019s why I am relieved that we are facing the current crisis from a position of great strength.\u201d Salceda added.<\/p>\n

Salceda noted that the agency has cited the tax reforms and the capital adequacy of the financial sector as bases for the favorable assessment.<\/p>\n

\u201cThe Duterte administration’s centerpiece infrastructure development policy and Comprehensive Tax Reform Program (CTRP) aimed to secure part of the development costs have been steadily progressing since JCR’s last rating review,\u201d the agency\u2019s research note added.<\/p>\n

Salceda said the rating suggests that the country can borrow at very favorable rates, and the government can beef up infrastructure spending more sustainably.<\/p>\n

\u201cI take this as a sign both to continue the pace of reforms that we have undertaken and to push for reforms that will speed up infrastructure completion to bolster GDP (gross domestic product) growth,\u201d Salceda added.<\/p>\n

Salceda highlighted that some of his proposed infrastructure spending reforms include emergency powers for “Build, Build, Build” projects, an enhanced “Build, Build, Build” plan over the next three years, and land valuation reform to speed up right-of-way resolution.<\/p>\n

\u201cI will continue to work with the economic managers so that we get the necessary policies to make implementing our growth and recovery strategies easier,\u201d Salceda said.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0\u2013 An economist-lawmaker on Thursday said the credit rating upgrade to A level has put the Philippines among the list …<\/p>\n","protected":false},"author":44,"featured_media":89810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,95],"tags":[],"class_list":["post-257799","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-news-ph","mauthors-filane-mikee-cervantes","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/257799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=257799"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/257799\/revisions"}],"predecessor-version":[{"id":257800,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/257799\/revisions\/257800"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/89810"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=257799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=257799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=257799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}