Good credit ratings put food on Filipino tables – DOF

Finance Secretary Benjamin E. Diokno explained as he debunked the misconception that sovereign credit ratings hold no tangible benefits, emphasizing that they can generate savings for both the government and consumers, thereby contributing to putting food on the table for the Filipino people.

Under the so-called “Road to ‘A’ Strategy,” the economic managers are aiming to achieve the coveted"A" credit rating within the term of President Marcos. Fitch, Moody's, and S&P may not be familiar names to most ordinary Filipinos because their job involves evaluating the creditworthiness of countries, which is a complex process that may not be easily understood by people.

The national government dedicates approximately 10 percent to 11 percent of its annual budget, or around P576.8 billion to P634.5 billion, to cover borrowing expenses.Diokno said that if the creditworthiness of the Philippines improves, it would lead to lower interest rates for Filipinos borrowing money from banks to finance their housing and car purchases.

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DOF: ‘A’ credit rating would lower borrowing costs, boost investmentA sovereign credit rating upgrade to ‘A’ would lower borrowing costs for the Philippines and increase investor confidence, as it would indicate that the risk of default is low and the repayment capacity is strong, Finance Secretary Benjamin Diokno said.
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