Japan Credit Rating Agency Ltd.’s (JCR) upgrade its rating on the Philippines from BBB+ to A- with “stable” outlook despite fears of global economic downturn due to the coronavirus disease 2019 (Covid-19) pandemic.
This was warmly welcomed by the Malacañang, as the spokesman addressed this good news in a virtual press briefing.
“This recognition by Japan’s leading credit agency is an affirmation of the international community’s faith in our economic strength and resilience amid the worst global downturn in nearly a century,” Presidential Spokesperson Harry Roque said.
The new credit rating, Roque said, would boost the country’s ability to get loans with low interest rate to finance the government’s response against the impact of coronavirus.
“We thank our economic team, lalo na (specially) Secretary Dominguez for their initiatives, including reforms that help weather the pandemic and steer the economy towards the new normal,” Roque said.
The country’s external debt balance, which currently stands at 22.2 percent of domestic output and the strong gross international reserves (GIR), which posted a record-high of USD90.94 billion as of end-April 2020, were also recognized.