{"id":258316,"date":"2020-06-17T05:52:30","date_gmt":"2020-06-17T09:52:30","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=258316"},"modified":"2020-06-17T05:52:30","modified_gmt":"2020-06-17T09:52:30","slug":"ph-good-credit-rating-prompts-govt-to-apply-for-loans-palace","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/06\/17\/ph-good-credit-rating-prompts-govt-to-apply-for-loans-palace\/","title":{"rendered":"PH good credit rating prompts gov\u2019t to apply for loans: Palace"},"content":{"rendered":"
\"\"<\/a>
FILE: Presidential Spokesperson Harry Roque Jr. in Panacan, Davao City on January 4, 2018. JOEY DALUMPINES\/PRESIDENTIAL PHOTO<\/figcaption><\/figure>\n

MANILA<\/strong>\u00a0\u2013 The government is taking advantage of the Philippines\u2019 good credit rating by applying for loans to help fund its economic recovery plan after the coronavirus disease 2019 (Covid-19) pandemic, Malaca\u00f1ang said on Wednesday.<\/p>\n

In an interview with state-run PTV-4, Presidential Spokesperson Harry Roque said the country can borrow money with low interest rate because of its good credit history.<\/p>\n

\u201cSo\u00a0sinasamantala rin natin na habang maganda ang ating<\/em>\u00a0credit rating.\u00a0Umuutang na tayo, dahil \u2018pag maganda ang credit rating, mas mababa po ang<\/em>\u00a0interest rate (We are taking advantage while our credit rating is good. We are borrowing money since we are enjoying a lower interest rate because of our good credit rating),\u201d Roque said.<\/p>\n

The Philippines\u2019 credit score has reached the \u201cA\u201d grade level for the first time this month.<\/p>\n

On June 11, Tokyo-based debt watcher Japan Credit Rating Agency Ltd. announced an upgrade in the Philippines\u2019 credit rating to \u201cA-\u201d with a \u201cstable\u201d outlook.<\/p>\n

The country\u2019s new credit score was one notch higher than the previous \u201cBBB+\u201d and the highest rating it has ever received.<\/p>\n

Better credit scores allow the Philippine government to acquire cheaper foreign loans.<\/p>\n

Roque said the loans would be used to help the country recover from the impact of the Covid-19 pandemic.<\/p>\n

\u201cAng pag-gagamitan po diyan, napakarami po<\/em>\u00a0(The money can be spent in several programs),\u201d he said. \u201cHindi pa natin alam kung ano ang mga magiging pangangailangan natin kung patuloy pong lumaki ang mga numero ng mga nagkakasakit ng<\/em>\u00a0Covid-19 (We don\u2019t know yet how much we need if the number of Covid-19 cases continues to rise).\u201d<\/p>\n

As of Tuesday, the Philippines has reported 26,781 confirmed Covid-19 cases, with 1,103 fatalities and 6,552 recoveries.<\/p>\n

On Tuesday, Finance Assistant Secretary Antonio Lambino said the Philippines plans to borrow at least PHP400 billion to support the government\u2019s Covid-19 economic recovery efforts.<\/p>\n

Lambino said the financing will be taken from lenders like the World Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank (AIIB), and other financial institutions.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0\u2013 The government is taking advantage of the Philippines\u2019 good credit rating by applying for loans to help fund its …<\/p>\n","protected":false},"author":44,"featured_media":252612,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,95],"tags":[],"class_list":["post-258316","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-news-ph","mauthors-ruth-abbey-gita-carlos","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/258316","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=258316"}],"version-history":[{"count":2,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/258316\/revisions"}],"predecessor-version":[{"id":258318,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/258316\/revisions\/258318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/252612"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=258316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=258316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=258316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}