PHL maintains BBB+ credit rating amid COVID-19 crisis

The Philippine government has maintained its BBB+ credit rating despite the COVID-19 crisis.

President Rodrigo Duterte himself announced the good news in his latest address to the nation, as he noted how the country maintained its good economic image amid the crisis and despite the recession of other economies.

The 75-year old Philippine leader credited this to the early lockdown that the Philippine government had imposed.

“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,” the President said.

Duterte also cited his “hardworking” Cabinet members, as well as the military, the police and other frontliners.

And 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,” he said.

“But what is really very telling there is that we are serving our fellow human beings,” he added.

A BBB+ credit rating means that the country has “adequate capacity to meet its financial commitments.”

Because of this, the country can still borrow money at a lower interest rate, Presidential Spokesperson Harry Roque said.

“Ano po ang ibig sabihin nito? Ibig sabihin ay mataas po ang kumpiyansa ng mga magpapautang sa Pilipinas, at dahil dito, mas mababa po ang interest ang makukuha natin sa ating mga uutangin kung ikukumpara doon sa ating mga karatig-bansa,” Roque explained on Tuesday, April 28.

© Eagle News | Photo: Presidential Communications