Fitch rating outlook vote of confidence in PH

House Speaker Martin Romualdez on Tuesday said the decision of Fitch Ratings to revise the country’s credit outlook from negative to stable is “an unequivocal vote of confidence” to the Marcos administration’s socioeconomic agenda, according to a report by Philippine News Agency.

Besides revising the Philippines’ Long-Term Foreign-Currency Issuer Default Rating to stable, Fitch also affirmed on Monday the country’s rating at investment grade “BBB.”

The revised Fitch rating came on the heels of the International Monetary Fund (IMF) growth forecast issued May 12, pegging the Philippines’ economic growth this year at 6.0 percent, with a caution that inflation was a downside risk to the outlook and should be tackled with both fiscal and monetary measures.

“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 R. 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,” Romualdez said in a news release.

The IMF forecast was issued following a staff visit to the Philippines, which included a meeting with Romualdez.

After the meeting, Romualdez said the IMF Mission was impressed by the Philippines’ economic performance and the adoption of government policies meant to ensure sustained growth would benefit ordinary Filipinos.

Meanwhile, Romualdez 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 said.

To date, the chamber has already approved 31 of 42 bills identified by the Legislative-Executive Development Advisory Council as the administration’s priority measures.