Press Release
May 3, 2019

STATEMENT OF SENATOR WIN GATCHALIAN ON THE RECENT S&P GLOBAL RATINGS UPGRADE TO BBB+

The S&P Global Ratings' move to raise the Philippines' debt rating to "BBB+" from the previous "BBB" is a recognition of the country's robust economic growth, sound external economic fundamentals, and the government's good housekeeping, especially in terms of its ability to fulfill its financial obligations.

Dahil sa credit ratings upgrade na ito, dadami ang mga foreign and local businessmen na maeengganyong mamuhunan sa bansa, na siya namang magreresulta sa mas marami pang job opportunities para sa ating mga kababayan. The Philippines - which is also borrowing through Overseas Development Assistance (ODA) to finance vital infrastructure projects - may also expect lower borrowing costs. Lower borrowing cost generates savings, which may be spent for social services.

However, we can't rest on our laurels just yet. There is still a need to amend the country's current economic laws to foster a more competitive business environment in the Philippines. This includes amending the Foreign Investments Act (FIA) of 1991 and Public Service Act, which aim to remove the anti-competitive restrictions on foreign investments.

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