Fiscal reforms to steer ‘A’ credit rating - DBCC

The Philippines is on track to secure a single-A credit rating within the decade as sustained implementation of fiscal reforms and strong economic growth open doors for foreign support and investment, according to the Cabinet-level Development Budget Coordination Committee (DBCC).

- By MARCO LUIS BEECH

In its latest report, the DBCC pointed to the COVID-19 pandemic as the primary reason for not achieving the highest credit rating, citing the country's strong record in revenue mobilization and fiscal consolidation prior to the crisis.

"The country is in a strong position due to fast implementation of ongoing structural reforms, sustained economic growth and efforts to open key sectors to greater foreign ownership and investments," it said.

Finance Secretary Ralph Recto earlier revealed that the Philippines was poised to receive a credit rating upgrade from “BBB+” to “A-” from S&P Global Ratings this year, if not for the corruption scandal that erupted over the flood control projects of the Department of Public Works and Highways.