Fiscal self-discipline pays off: Dominguez happy as Fitch retains ‘BBB’ ranking for PH

Finance Secretary Carlos Dominguez III welcomed on Friday (February 18) the funding grade credit score standing issued by Fitch Scores for the Philippines.

The credit score rating rater saved its “BBB” tag on the nation with a “detrimental” outlook, hinting {{that a}} downgrade may be awarded if circumstances worsen.

“The federal government has accommodated the large price of COVID-19 disaster response to assist susceptible sectors survive and get well from the disaster, largely due to President Duterte’s complete tax reform program and his coverage of prudent fiscal administration and self-discipline. However we’re additionally conscious to not go on to future generations unsustainable debt,” Dominguez talked about.

“Contemplating the years of fiscal prudence, the rise in debt due to the pandemic didn’t forestall the nation from having a good debt construction and ample entry to low-cost funding,” he added.

It seems Dominguez’s conservative tack within the course of spending whatever the further borrowing has paid off.