MANILA, June 9 (Mabuhay) — President Rodrigo Duterte on Tuesday said the country still had a BBB+ credit rating despite challenges brought about by the COVID-19 crisis.
“We were still BBB as Standard and Poor’s (S&P). That was BBB+ tayo, the next is BB+ the next is A,” said Duterte in an interview with SMNI News.
“Despite of our maybe total lack of funds to address all the problems of governance, binigyan pa rin tayo ng BBB+ ibig sabihin yung rating natin sa borrowing, makahiram tayong pera. Alam nila makabayad tayo,” Duterte further explained.
This was the President’s response after Pastor Apollo Quiboloy hailed the Duterte administration for its performance amid the pandemic.
“Kung wala itong pandemic, ano kaya naabot ng admin sa development in spite of pandemic?” said Quiboloy.
In a recent report, S&P kept its long-term sovereign credit rating on the Philippines at BBB+. This is the higher end of BBB rating, which indicates that an obligor has “adequate capacity” to meet its financial commitments, but adverse economic conditions or changing circumstances are more likely to weaken its capacity to meet its financial commitments. (MNS)