Finance Secretary Ralph G. Recto said the recent affirmation of the Philippines’ investment-grade credit rating by Fitch Ratings over the weekend is a “big win” for ordinary Filipinos as this would allow accessible financing for the government’s development plans.
“This affirmation is highly encouraging as it shows a strong vote of confidence in our ability to grow the Philippine economy in a higher path over the medium term,” Recto said. Fitch said in its report that it expects the Philippine economy to grow by 5.8 percent in 2024 with a gross domestic product growth of above 6 percent over the medium term, considerably stronger than the ‘BBB’ median of 3 percent.
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