President Duterte prioritizes reducing poverty over the securing an upgrade on the country sovereign debt ratings.
The President said that he “doest not care” about the credit ratings, plans to reduce the poverty rate to 17% from the current 26% within his 6 year term, Finance Secretary Carlos Dominguez said.
Carlos remarks on the sidelines of World Bank International Monetar Fund meeting in Washington was released by the office in Manila on Thursday.
While we considerably value at ratings upgrade to full investment grade, characterize the hard work we put into achieve fiscal consolidation, this is only secondary importance. In the economic plans we lay down,” Carlos said.
The Philippines secured investment grade ratings with S and P Global Ratings, and Moodys Investor Service under Rodrigo Dutertes predecessor, Benig Aquino. This gave the country access to wider market for it bonds.
Last month, S and P an upgrade was (unlikely) within the next 2 years with the President focused on his bloody war on illegal drugs and declined mounting criticism.
To boost the government spending, Carlos Dominguez said the government will raise its deficit ceiling to 3% of gross domestic products from 2%. Insfrature spend will be raised to 5% of GDP, he added.