Senator Win Gatchalian applauded Standard & Poor’s recent affirmation of the Philippines’ investment grade rating of BBB+ and an outlook upgrade of “positive” from “stable” previously, saying it reflects the government’s commitment to fiscal discipline and economic growth.

“Despite political tensions, we are confident that the improved credit rating outlook would further enhance the country’s competitiveness as a destination of foreign investments supportive of economic growth and job creation for the benefit of our people,” said Gatchalian, chair of the Senate Committee on Ways and Means.

Factors cited by the credit rating agency for the outlook upgrade include effective policymaking, fiscal reforms, and above-average growth potential, among others.

According to Gatchalian, the recent enactment into law of Republic Act 12066 or the CREATE MORE Act, which enhances the global competitiveness of the country’s tax incentives, is expected to attract more investments.  Gatchalian is the main author and sponsor of CREATE MORE. 

Gatchalian also reiterated his commitment to support the Marcos administration’s economic agenda as the Senate and the House of Representatives reconcile provisions during the Bicameral Conference Committee deliberations on the proposed General Appropriations Bill, which allocates a P6.352 trillion national budget for next year.

“The current administration has already made significant strides in advancing economic development over the past two years. We will continue to support and push for legislation that would advance the government’s economic agenda,” he said.

“Umaasa tayong tuloy tuloy ang paglago ng ekonomiya sa mga darating na panahon para sa kapakinabangan ng ating mga kababayan,” he added.