Congress of the Philippines
Congress of the Philippines
05/23/2023 | Press release | Distributed by Public on 05/22/2023 20:42
Romualdez says Fitch rating a 'vote of confidence’ on PBBM, reiterates House support for measures to uplift lives of Filipinos
PRESS RELEASES
SOURCE: Press and Public Affairs Bureau
Romualdez says Fitch rating a 'vote of confidence' on PBBM, reiterates House support for measures to uplift lives of Filipinos
23 May 2023 10:30:56 AM
House Speaker Ferdinand Martin Romualdez welcomed Fitch Ratings' revision of its credit outlook for the Philippines' long-term debt to "stable," calling the decision of the international credit rating agency "an unequivocal vote of confidence" in the socioeconomic agenda of the Marcos administration.
"This is clearly an acknowledgment of our efforts to push through Congress the measures and reforms needed to pursue the eight-point socioeconomic agenda of President Ferdinand Marcos Jr., meant to create more jobs, improve social services, and steer the economy irreversibly back to the strong growth path it is on before the pandemic," said Romualdez.
The Speaker reiterated the firm commitment of the House of Representatives to pass the priority bills of the Marcos administration necessary to institute needed reforms meant to accelerate the momentum of the country's post-pandemic economic recovery.
"The House of Representatives will persevere in doing our part to make sure the promise of a strong economy, more and better-paying jobs, food and energy security, and better education and opportunities for our youth are realized within the Marcos administration," he added.
On Monday, Fitch announced that it revised from negative to "stable" the outlook for the Philippines' Long-Term Foreign-Currency Issuer Default Rating (IDR) and affirmed the country's rating at investment grade 'BBB'.
A stable outlook means the country is likely to retain its current rating over the medium term of 12 to 18 months.
In its latest assessment, the international credit rating agency Fitch noted that the Philippine economy is "returning to strong medium-term growth after the Covid-19 pandemic, supporting sustained reductions in government debt/GDP, after substantial increases in recent years."
Likewise, Fitch said the outlook revision reflects its assessment that the Philippines' economic policy framework remains sound and in line with 'BBB' peers.
Fitch also cited easing inflationary pressures, modest current account deficit, declining debt, and gradual fiscal consolidation as reasons for the stable credit outlook.
The revised Fitch rating came on the heels of the IMF growth forecast issued last May 12, pegging the Philippines' economic growth this year at 6.0%, with a caution that inflation was a downside risk to the outlook and should be tackled with both fiscal and monetary measures.
The IMF forecast was issued following a staff visit to the Philippines, which included a meeting with Speaker Romualdez, who said the delegation was impressed by our country's economic performance and the adoption of government policies meant to ensure sustained growth would benefit ordinary Filipinos.
"From our discussions, I could confidently say that the IMF Mission Members were impressed with the Philippines' economic performance and the government's economic agenda. They expressed confidence that the Philippines will continue to grow strongly in the years ahead," Speaker Romualdez said after meeting the IMF Mission.
The House has delivered on its commitment to support the legislative agenda of Pres. Marcos. To date, the chamber has already approved 31 of 42 bills identified by the Legislative-Executive Development Advisory Council (LEDAC) as the administration's priority measures.
When the House resumed its session last May 8, Speaker Romualdez again rallied fellow lawmakers to exert a final concerted push in the remaining four weeks of their session to pass the pending pro-people priority measures of Pres. Marcos. (END)