Palace hails credit rating upgrade from Japan agency, drop in PH unemployment rate

By Prince Golez

Malacañang on Tuesday welcomed the affirmation of Japan Credit Rating Agency (JCRA)’s credit rating of “A-“ with a “stable” outlook for the Philippines.

The ratings reflect the country’s “high and sustainable” economic growth performance due to solid domestic demand, resilience to external shocks because of low external debt to gross domestic product, and sound banking sector, JCRA said in a statement yesterday.

“Good news po. Japan Credit Rating Agency or JCRA affirmed the credit rating of the Philippines. We maintain our A- rating with a stable outlook,” Presidential Spokesperson Harry Roque said in a televised briefing.

Roque also quoted the Japan-based debt watcher as saying: “Once the pandemic gets subdued, the country’s potential growth will recover and the economy is expected to return to a high growth path.”

Meanwhile, the secretary reported that the country’s unemployment rate declined to 6.9 percent last July from 7.7 percent in June according to the Philippine Statistics Authority.

“We are aiming and prioritizing the country’s total health para mas kakaunti ang mawalan ng trabaho habang pinapalakas natin ang ating healthcare capacity,” he added.

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Source: Latest Politics News Today (Politics.com.ph)