THE recent political issues in the country have had little effect on the economy, an official of the Department of Finance (DOF) said.
“Actually, matagal nang mukhang hindi masyadong naaapektuhan. Nadi-differentiate ng investors ‘yung economic versus ‘yung political,” Finance Undersecretary Domini Velasquez said at a news forum on Saturday, August 17.
Velasquez pointed to Japan’s Rating and Investment Information Inc. (R&I) which upgraded the Philippines’ rating due to its projected stable growth and the continuous improvement of its national income.
“Kahit investors, nakikita natin pumapasok iyong investors… hiwalay talaga iyong, I guess, politics,” she said.
He added: “Siguro makukumpara mo sa Thailand. ‘Di ba iyong Thailand nagkaroon sila na medyo issue din na political tapos bumaba iyong ekonomiya nila. In the Philippines, hindi iyon nangyayari,” Velasquez added.
In a dispatch, R&I upgraded the Philippines’ foreign currency issuer rating to “A-” with a stable outlook. An “A” rating indicates that the country has “high creditworthiness supported by a few excellent factors,” while the minus or “-” indicates the relative standing within the rating category.
“The Philippine economy will likely see stable growth and continuous improvement in the level of national income against the backdrop of active public and private sector investments, development of domestic business sectors such as business process outsourcing, and favorable demographics among other elements,” it said.
The Department of Budget and Management (DBM) said government spending amounted to P5.336 trillion in 2023, outpacing the expenditures seen the previous year. This year’s budget authorizes a spending program of P5.767 billion for 2024.
In the same forum, Velasquez also expressed optimism that the government would achieve its target of lifting eight million Filipinos out of poverty by 2028.
President Ferdinand “Bongbong” Marcos Jr. said his administration would continue to pour resources to ensure Filipinos’ lives would improve amid recent economic gains. (GMA Integrated News)
