Govt working to make Pinoys to feel benefits of credit rating upgrades – Palace

Malacañang on Thursday said that the government is working towards making more Filipinos feel the benefits of credit rating upgrades that the Philippines has been getting.

In a statement, Presidential Spokesperson Edwin Lacierda said the administration’s economic policies and budget transparency efforts helped the country receive its latest credit upgrade from Moody’s Investors Service.

“From Day One, the Aquino administration has subscribed to the idea that good governance is good economics, and this development stands to reaffirm this philosophy,” Lacierda said Thursday.

He also credited reforms at the Bureau of Customs and improvements implemented by the administration on debt restructuring for the rating upgrade.

Earlier in the day, Moody’s raised its credit rating for the Philippines by a notch from Baa3 to Baa2. The ratings agency also gave the country a “stable” outlook.

“The Filipino people can be assured that our administration will continue channeling these gains towards the benefit of the broader spectrum of society,” he said.

Last month, a Social Weather Stations (SWS) survey showed 12.1 million Filipinos described themselves as poor during the third quarter of 2014.

Some 4.8 million Filipino families meanwhile claimed to have experienced hunger during the same period, based on a separate SWS poll.

Over 2.4 million Filipinos were also jobless as of last October, according to the National Economic and Development Authority. — JDS, GMA News