Pushing for Greater Manila Bay development

Development of Greater Manila Bay area pushed

Louella Desiderio 
The Philippine Star 
August 24, 2024

MANILA, Philippines — The development of the Greater Manila Bay area similar to the Guangdong-Hong Kong-Macao Greater Bay Area is being pushed to enable the Philippines to attract more investments, according to the Filipino-Chinese Chambers of Commerce and Industry (FFCCCII).

During the Manila Forum for Philippines-China Relations, FFCCCII president Cecilio Pedro said China Ambassador Huang Xilian has proposed to Filipino-Chinese businessmen the development of the Greater Manila Bay area.

“He saw there is potential because we’re linking up Bataan and Cavite. So in between is the greater Manila and Bulacan,” Pedro said.

He said FFCCCII believes this can help bring more investments in the area.

The Guangdong-Hong Kong-Macao Greater Bay Area is composed of Hong Kong, Macao and nine cities in the Guangdong province such as Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing.

The Greater Bay Area is built around economic centers in the Pearl River Delta in Guangdong Province, including the former European colonies Hong Kong and Macau as well as the manufacturing powerhouse of Shenzhen.

It is being developed to fully leverage the advantages of the areas covered, facilitate integration in the region and promote economic development.

The Greater Bay Area in China has a $1.98-trillion gross domestic product, making it among the fastest-growing regions in China.

While the Philippine government is pushing for the development of the Luzon economic corridor with the support of the United States and Japan, Pedro does not see any issue in also undertaking the development of the Greater Manila Bay area.

“The more, the merrier,” he said.

He said attracting investments in many areas will help create jobs.

The development of the Luzon economic corridor is an outcome of the Trilateral Leaders’ Summit of the US, Japan and the Philippines held last April.

It also forms part of the Partnership for Global Infrastructure and Investment, an initiative of the Group of Seven or G7 to advance public and private investments in sustainable, inclusive, resilient and quality infrastructure.

Among the projects being planned to support the development of the Luzon economic corridor are the Subic-Clark-Manila-Batangas Railway System, the Clark International Airport expansion and the Clark National Food Hub.

The National Economic and Development Authority (NEDA) has proposed 21 projects with an initial cost estimate of P2.126 trillion that the US and Japanese governments may consider to support for the development of the Luzon economic corridor.

NEDA Undersecretary Joseph Capuno earlier said the agency, together with the Department of Transportation, presented 21 projects that may be considered for financing and support during the steering committee meeting for the Luzon economic corridor last May,

Of the 21 projects, he said 12 have a combined cost estimate of P2.126 trillion, while the cost of the nine other projects have yet to be determined.

NEDA Secretary Arsenio Balisacan said the projects that would become part of development of the Luzon economic corridor could get another source of funds and be implemented faster, based on readiness.

Philippines as a premier investment hub

OPINION

Positioning the Philippines as a premier investment hub

Venice Isabelle Rañosa 
 Philstar.com
August 24, 2024 

Foreign investments are critical in shaping the economic trajectory of a country. For one, they bring in new capital to fund projects such as infrastructure, which are needed for long-term economic growth and development.

These investments also play a crucial role in creating jobs and employment opportunities, facilitating technology transfer, and enabling a country to have greater access to global markets, thereby integrating it further into the global economy.

In the 2023 World Competitiveness Ranking by the International Institute for Management Development (IMD), international business executives identified several factors that contribute to the attractiveness of competitive economies. The Philippines was recognized for its skilled workforce, characterized by open and positive attitudes, as well as the dynamism of its economy, all of which boost its appeal to foreign investors.

Indeed, the Philippines has many inherent strengths that can be leveraged to attract more foreign investments.

First is its strategic location, which influences its access to regional markets, trade routes, and global supply chains. The Philippines' position at the crossroads of Southeast Asia establishes it as a vital gateway to the broader Asia-Pacific region, making it an appealing hub for trade, logistics and regional operations.

Interestingly, its proximity to major global shipping routes and key markets like Japan and ASEAN countries, combined with its accessibility, further strengthens its attractiveness to multinational companies. Moreover, its distance from mainland Asia offers a degree of protection from challenges within the mainland.

Second, the Philippines has a young and skilled workforce. According to the Philippine Statistics Authority (PSA), the median age of the population is approximately 25 years, giving the country a favorable demographic profile.

This is especially advantageous as other Asian nations experience rapid aging of their populations. With a young median age, the country features a dynamic, adaptable, and eager-to-learn working generation.

Moreover, English being one of the official languages of the Philippines offers a significant advantage in forging connections with sources of capital and technology and accessing global markets. English is widely used in business, education, legal matters and daily communication.

It serves as the language of instruction in schools and is prevalent in employment contracts, legal documents and the judicial system. This proficiency in English enhances the attractiveness of the Filipino workforce to foreign investors looking to establish operations in the region, as it removes the language barrier problems that complicate work and business processes.

The cultural adaptability of the Filipino labor force is another major reason for its attractiveness. Having been under Western rule for centuries, the Filipino workforce shares common cultural affinities with both Western and Eastern markets, enabling it to bridge differences and foster better collaboration across regions.

Lastly, a large population of over 110 million – primarily young – also represents a significant consumer market. Coupled with increasing urbanization, strong remittance inflows and a youthful demographic, these factors present vast potential for growth. With a young median age, the country boasts a substantial segment of tech-savvy consumers who easily adapt to new trends and technologies, thereby influencing and driving market demand.

An expanding middle class, along with the nation's young population, is expected to sustain this consumer advantage for decades, enhancing household spending and driving demand for goods and services. Notably, data from the PSA indicates that household consumption typically accounts for approximately 70% of the country’s gross domestic product, underscoring the crucial role of consumer spending in driving economic activity in the Philippines. 

Geopolitical shifts that impact global markets, trade flows and economic stability can present the Philippines with an opportunity to strengthen its position in the global economy and supply chain by leveraging its inherent strengths.

Fortunately, policy frameworks designed to attract further investment are already in place, including the creation of green lanes as well as the amendments to the Public Service Act, the Foreign Investments Act and the Retail Trade Liberalization Act. These policies are crucial in establishing a favorable environment for strategic investments.

But while the Philippines has made significant progress in enhancing its policy environment to attract investments, there is a need to continually and proactively update and adapt these measures to keep pace with the rapidly evolving global market.

ncentives must be ensured to be competitive and designed to attract high-value investments in emerging sectors. Amid challenges, such as issues related to corruption perception, government inefficiency and inconsistent policy implementation, the fact remains that the road ahead is still promising. 

The government needs to employ a focused approach towards improving its internal strengths in trade and investment while forging stronger ties with like-minded foreign partners that value transparency and stable global supply chains. There is no better option if we desire to move forward with greater certainty with the rest of the world.

Venice Isabelle Rañosa is the research director of the Stratbase Group.

Moody’s maintained its investment grade credit rating for the Philippines

Philippines’ future looks bright: Moody’s affirms investment-grade rating with stable outlook

BILYONARYO.COM

August 23, 2024

Moody’s Investors Service has maintained its “Baa2” credit rating for the Philippines, with a “stable” outlook.

The decision reflects the country’s successful economic reforms, efforts towards fiscal consolidation, and solid macroeconomic performance.

The ratings agency emphasized that recent reforms aimed at liberalizing the economy are expected to boost medium-term growth by enhancing the business climate and attracting foreign investment.

In the second quarter of 2024, the Philippine Statistics Authority reported a 6.3% year-on-year increase in GDP, while foreign direct investment net inflows surged by 15.8% to $4.0 billion from January to May 2024.

Moody’s projects continued growth in FDI through 2024-2025, driven by strong interest in the energy, manufacturing, and IT sectors.

The Marcos administration’s “Build Better More” infrastructure initiative, which aims to raise infrastructure investments to 5.0% of GDP annually, is also seen as a positive development.

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. welcomed Moody’s rating affirmation, saying: “The BSP is encouraged by Moody’s decision and remains committed to working with the government to enhance the country’s credit profile. We are focused on maintaining price stability to support sustainable growth.”

The stable outlook reflects a balance of risks. Positive influences could come from improved fiscal metrics, robust growth, and increased investments, while potential challenges include external factors that may impact consumption and investment, or ineffective reforms.

An investment-grade rating signifies reduced sovereign risk, enabling cheaper financing and allowing for greater allocation of resources towards social programs and infrastructure projects.

Pinoy beer is best flavored beer in the world

Filipino craft beer named the World’s Best for 2024

Mary Villegas
Inquirer.net
22 August 2024

Victory tastes as sweet as honey. With Carlos Yulo becoming the first Filipino male Olympic gold medalist in the country’s history, here comes another first. Engkanto Brewery’s High Hive Honey Ale has clinched the highest international honor – World’s Best Beer for 2024 in the flavored category.

Engkanto Brewery has gained recognition at the World Beer Awards for the past four years, but this year marks a milestone achievement for the Filipino brand, being named the World’s Best Beer in the Flavored Honey and Maple Syrup beer category.

Engkanto emerged on top, outshining 70 contenders from France, Canada, Netherlands and other countries at the annual beer competition and placing Filipino craft beer on the world map.

 “We’re buzzin’ for the locally brewed Honey Ale claiming the highest award for its category in this year’s World Beer Awards 2024. Cheers to local craft beers!” the company wrote in an Instagram post.

Philippines remains net creditor to IMF

Philippines remains net creditor to IMF

Ian Nicolas P. Cigaral
Inquirer.net
22 August 2024

The Philippines has maintained its status as net creditor to the International Monetary Fund (IMF), thanks to the country’s “strong external position” that allows it to continue to lend more than it borrows from the multilateral institution, the Bangko Sentral ng Pilipinas (BSP) said.

In a statement on Wednesday, the BSP said the powerful Monetary Board had approved the continued participation of the Philippines in the Financial Transaction Plan (FTP) of the IMF for the period of August 2024 to January 2025.

The FTP is a currency exchange arrangement between the IMF and eligible members to facilitate the Washington-based institution’s lending operations with other member countries. The IMF pays interest to FTP participants like the Philippines.

“Given that the country’s external position remains strong, with ample gross international reserves to withstand external shocks, the country has been assessed to be eligible for continued participation in the FTP,” the BSP said.

“This puts the Philippines in a favorable position to remain as a Fund financial partner, which is an indication of the country’s commitment to contribute to the global financial safety nets and support the resolution of possible crises,” it added.

In selecting member countries for inclusion in the FTP, the IMF considers the strength of balance of payments (BoP) and reserve position, as well as the stability of the exchange and financial markets. The IMF also looks into the adequacy of international reserve assets to ensure that obligations will be fulfilled during the specified FTP period.

Latest central bank data showed that the Philippines has a seven-month BoP surplus of $1.5 billion, approaching the $1.6 billion dollar windfall for the entire 2024.

That, in turn, translated to a gross international reserve (GIR) of $106.7 billion as of July, from $105.2 billion in June.

The BSP’s reserve assets consist of foreign investments, gold, foreign exchange, reserve position in the IMF and special drawing rights. The GIR serves as the country’s buffer fund during extreme economic conditions when there are no export earnings or foreign loans.

By convention, GIR is viewed to be adequate if it can finance at least three months’ worth of the country’s imports of goods and payments of services and primary income. The BSP said the amount of buffer funds as of July could cover 7.9 months’ worth of imports of goods, way above global standards.

Philippines produced the most pineapples after Costa Rica

PH still world’s 2nd largest pineapple exporter

Story by Jordeene B. Lagare
Inquirer.net
21 Aug 2024

The Philippines has kept its title as the world’s second-largest exporter of pineapples behind Costa Rica, with the volume rising by 2 percent in 2023 due to the rising demand from China.

The United Nations’ Food and Agriculture Organization said in its latest major tropical fruits market review that the Philippines exported some 600,000 metric tons (MT) of pineapple in 2023, 2.7 percent more than the volume from the prior year.

The FAO did not provide comparative figures on the Philippines’ pineapple exports, but said the volume rose every year from 2021 to 2023. However, the level as of the end of last year was still short of the 626,000 MT of pineapple delivered to key markets in 2019.

For last year, the FAO attributed the improvement to the 3-percent increment in shipments to China.

“The long shelf life, year-round production cycle and attractive price-to-quality ratio of the MD2 pineapples, the main variety cultivated in the Philippines, proved to be a particularly strong selling point,” it said.

China is the leading consumer of locally produced pineapples, cornering 43 percent of total exports, followed by Japan and Korea with 30 percent and 14 percent, respectively.

The country’s pineapple exports to Japan and Korea grew by 6 to 8 percent.

The FAO also said the average export unit value of pineapple shipments from the Philippines to world markets reached $593 per ton in 2023, up by 3.8 percent from the previous year.

Globally, the volume of pineapple delivered rose by 3.9 percent to 3.2 million MT in the past year, mainly due to higher supplies from Costa Rica. INQ

Manila is officially the nightlife capital of Asia

Manila’s Nightlife Shines: Second Best in the World for 2024

Tripzilla
21 August 2024

Manila is officially the nightlife capital of Asia and a global hotspot, claiming the second spot in Time Out Travel’s 2024 list of the world’s best cities for nightlife. The bustling Philippine capital has earned this prestigious title with its vibrant and eclectic nighttime offerings, making it a top destination for party enthusiasts and night owls alike.

Manila ranks second in world’s best cities for nightlife in 2024

Manila’s nightlife has always been renowned for its energy and diversity, and this recent accolade further cements its reputation. The city’s nightlife scene is a lively mix of high-energy nightclubs, chic bars, and unique underground venues, catering to a wide range of tastes and preferences. From world-class DJs spinning at renowned clubs to intimate live music performances in cozy venues, Manila offers something for everyone seeking an unforgettable night out.

What sets Manila apart

Diverse Entertainment Options: Manila is home to some of the most iconic nightlife spots in the region. Clubs like The Palace and Valkyrie are known for their electrifying atmospheres and top-notch international acts. But the city's nightlife goes beyond the mainstream, featuring underground parties, themed nights, and pop-up events in unconventional locations like art galleries and industrial spaces.

Cultural Fusion: The city’s nightlife is infused with its rich cultural heritage, offering a blend of traditional and modern experiences. Live music venues showcase local talent and international artists, while a variety of dining options ensure that every night out is complemented by exceptional food and drinks.

Ever-Changing Scene: Manila’s nightlife scene is dynamic and ever evolving, with new spots and trends constantly emerging. This ensures that there’s always something new and exciting to explore, keeping the city’s nightlife fresh and engaging.

Safety and Accessibility: Manila prioritises the safety of its nightlife-goers, with well-policed areas and reliable transportation options available late into the night. The city's vibrant nightlife is not only exciting but also secure and accessible.

For those planning a visit to Manila, the city’s nightlife is a must-explore. Whether you’re looking to dance the night away at a high-energy club, enjoy a sophisticated evening at a rooftop bar, or discover hidden gems in the underground scene, Manila promises an unparalleled nightlife experience. Dive into the city’s nocturnal offerings and see for yourself why Manila has earned its place as a global nightlife powerhouse.

World’s best cities for nightlife in 2024

1. Rio de Janeiro, Brazil
2. Manila, Philippines
3. Berlin, Germany
4. Guadalajara, Mexico
5. Austin, USA
6. Lagos, Nigeria
7. Rotterdam, Netherlands
8. Manchester, UK
9. Budapest, Hungary
10. Accra, Ghana
11. Buenos Aires, Argentina
12. Taipei, Taiwan
13. Singapore

Asia’s best cities for nightlife in 2024:

• Manila, Philippines
• Taipei, Taiwan
• Singapore

Manila’s recognition as a top nightlife destination reflects its status as a vibrant, ever-evolving city that never sleeps. Pack your party shoes and get ready to experience the best of Manila’s nightlife firsthand!

PH bet Nathaniel Tiu wins Mister Earth International 2024

PH bet Nathaniel Tiu wins Mister Earth International 2024

By EJ Chua
GMA News
August 19, 2024

Congratulations, Nathaniel Tiu! You made us proud!

Nathaniel Tiu, a proud Cebuano, was recently crowned Mister Earth International 2024 in Sta. Maria,Colombia.

On Instagram, Tiu celebrated his win by uploading a photo that showed his crown, sash, and trophy.

He first wrote in the caption of his post, “Philippines, I'm your new Mister Earth International 2024.”

Tiu proudly dedicated his victory to his deceased mom.

“My mama in heaven this is for you,” he wrote.

Tiu continued, “This achievement is not just mine; it belongs to all those who believed and supported me since the beginning.”

He also expressed his gratitude to the Mister Earth organization.

He then acknowledged his Team PH, his loved ones, and others who played part in his journey.

— Hermes Joy Tunac/LA, GMA Integrated News

Gordon Ramsay Chose PH for His Next Culinary Adventure

Why Gordon Ramsay Chose PH for His Next Culinary Adventure

Story by Esquire Philippines

19 August 2024

What we know so far? The Gordon Ramsay Bar & Grill is set to tantalize taste buds with a meticulously curated featuring the chef's legendary Beef Wellington, an eclectic wine selection, and specially crafted house cocktails. The venue also offers two exclusive Private Dining Rooms, designed for intimate dinners, tastings, and gatherings, ensuring a personalized and memorable dining experience.

In the Q&A below, Ramsay shares more details about his latest culinary venture, what makes a great chef, how he maintains his creativity, and the legacy he hopes to leave in the culinary world.

Why did you choose the Philippines as the next location for your restaurant?

The Philippines is an incredible country. With its stunning location in Asia and such a diverse and multicultural population, it really is a food lover's dream. The new restaurant inside Newport World Resorts is beautiful because it feels like being in London, and I love the Cool Britannia vibe.

Can you tell us more about the team behind your restaurant here in the Philippines?

For me, it is incredibly important that both our front and back-of-house teams are made up of a talented local workforce. We, of course, have an international team that trains our new recruits. However, we have found such a brilliant, enthusiastic team in Manila, and we are lucky to have them.

How do you feel your approach to cooking and restaurant management has evolved over the years?

Everything evolves over time. I have the absolute luxury of being able to travel for work. When filming Unchartered for National Geographic, I visit more remote places, away from the tourist hot spots, and get to meet local chefs and food providers, doing incredible things with incredible ingredients. These countries and people teach me things I have never learned before. I get to try dishes I’ve never tried before, such as deep-fried bull’s testicles or an amazing rice pudding in India. I never want to stop learning.

What do you think is the most significant impact you've had on the culinary world, both through your restaurants and your television presence?

I hope throughout the years I’ve inspired people, whether it be to learn to cook, get better at cooking, or strive for culinary perfection. To be inspired to cook at home, bring family together to break bread around the dinner table, or be curious enough about a new cuisine to book a restaurant.

What drives you to keep pushing boundaries and striving for excellence after achieving so much in your career?

Are you trying to shove me off to retirement? Damn no! There’s always more to learn, more to teach and share. I love what I do, that’s what keeps pushing me every single day!

How do you handle criticism, whether from food critics, customers, or the public, and what have you learned from it?

Criticism is healthy, what I have learnt from it, don’t take it personally.

In your opinion, what are the key differences between a good chef and a great chef?

[A great chef has] passion, the relentless desire to be better today than you were yesterday. Someone who understands the whole dining experience, and who is keen to mentor and share the journey and the success unselfishly. Anyone can learn to cook, it’s how you visualize the bigger picture that makes you great.

How do you nurture and maintain creativity in such a high-pressure, competitive industry?

My team and I travel. When you’re on Stewart Island in New Zealand, sitting high on a hillside overlooking the waves crashing on the beach below, learning the Maori traditional way of cooking with heated rocks dug into the earth, it’s very easy to shut out the noise and just be. Stop, strip back, and learn. I will always embrace my vulnerability to expand my repertoire.

If you could experiment with one ingredient, technique, or dish without limitations, what would it be and why?

That’s an impossible question to answer as there simply isn’t one. What I am most excited by and curious about is the ingredient, technique or dish I don’t know about yet. The places I go and the people I meet, who are so generous with their old family recipes, the amazing ingredient that they forage, or the cove that they fish in that I am going to get to discover for the first time—that’s what excites me.

What kind of legacy do you hope to leave not just as a chef, but as a mentor and influencer in the culinary world?

I think it's in the incredible talent that I have had the pleasure to work with over 25 years. To me, that is a true legacy when the seeds that you planted grow and become the mentors of the future.

3 Filipina students awarded women in STEM scholarships in UK universities

3 Filipina students awarded women in STEM scholarships in UK universities

Story by Mabel Anne Cardine

Interaksyon

19 August 2024

The United Kingdom (UK) government has awarded scholarships to three Filipina students, allowing them to pursue a one-year master’s degree in Science, Technology, Engineering, and Mathematics (STEM) fields. 

Under the ASEAN-UK Supporting the Advancement of Girls’ Education (SAGE) and the British Council Women in STEM programs, the recipients will receive full funding to complete a master’s degree at prestigious universities in the UK. 

Out of 24 grantees across the ASEAN and Timor-Leste, Maria Onglao is set to complete a master of sciences in environmental data science and machine learning at Imperial College London under the ASEAN-UK SAGE program. 

Mikaela Santos and Laravill Lanohan, on the other hand, were granted a master of science in biotechnology at the University of Bath through the British Council Women in STEM program. 

Sarah Tiffin, British ambassador to the ASEAN, said the scholarship programs aim to provide equitable access to quality education to all women in the ASEAN region. 

“We look forward to seeing how they will shape the future of STEM in ASEAN after studying at the UK’s world-class universities,” Tiffin said. 

According to the World Economic Forum Global Gender Gap Report 2023, women account for almost half or 49.3% of total employment across non-STEM occupations, and just 29.2% of all STEM workers.

Lotus Postrado, Philippine director at the British Council, said the scholars should address the “under-representation of women in STEM leadership.” 

“The ASEAN-UK SAGE Women in STEM Scholarships aim to challenge these norms, empower women, create role models, and reinforce a positive attitude towards STEM education among women and girls,” Postrado said. 

Scholars will begin their studies in the UK starting September 2024.

The scholarship programs will reopen in January 2025. 

Palawan and Boracay made to the Most Visited Island Destinations in Asia

Palawan, Boracay among top island destinations in Asia

Story by Moises Cruz
The Manila Times
19 August 2024

MANILA, Philippines — The Department of Tourism (DoT) said on Monday Palawan and Boracay made it to the "8 Most Visited Island Destinations in Asia."

Boracay Island and Palawan

The August 7 issue of TimesTravel, a renowned Indian publication, ranked Palawan, known as the "last frontier" of the Philippines because of its beautiful natural surroundings, third while Boracay, noted for its pristine white powdery beaches and crystal-clear waters placed fourth.

Bali island in Indonesia, and Phuket, Thailand topped the list.

Also in the list are Maldives, Langkawi, Malaysia, Havelock Island, India and Jeju Island in South Korea.

Times Travel, a major travel publication from The Times of India, offers curated insights into prime worldwide destinations, with an emphasis on places that appeal to Indian tourists' cultural and travel preferences.

Philippines ‘on track’ to cut poverty significantly

Philippines ‘on track’ to cut poverty significantly

The Star (Malaysia)
18 August 2024

MANILA: Despite the political noise about poverty in the country, the government remains “on track” to attain single-digit poverty rate by 2028, Finance Undersecretary Domini Velasquez said on Saturday (Aug 17).

Despite politicians’ incredulity at poverty data released by the Philippine Statistics Authority last week, “what’s important here is that we’re on track,” said Velasquez, chief economist of the Department of Finance.

“By the end of President Marcos’ administration, it will be below 10 per cent and in single digits. We’re actually on track to bring down poverty to single digits,” she added, citing the country’s economic fundaments over the past few years.

Except for three years (1998, 2009 and 2020), the Philippine economy has been growing consistently over the past 30 years.

In the past 10 years, the average growth clip was at 4.86 per cent (including the 9.5 per cent contraction in 2020) or 6.42 per cent, excluding 2020.

For the first half of 2024, preliminary data showed economic growth of 6.3 per cent, surpassing Malaysia (5.8 per cent), Indonesia (5 per cent) and China 4.7 per cent).

The Philippines is now the second fastest growing Asian economy next to Vietnam (6.9 per cent).

Velasquez said the country accomplished this through increased government spending and investments despite weak consumer spending.

Winnowing the facts

Velasquez noted that investor confidence has not waned despite the growing political noise.

“Investors are able to differentiate economic versus political [issues],” she added.

Velasquez cited the country’s recent credit rating upgrade from Japan’s largest credit rating agency, Rating and Investment Information Inc (R&I).

R&I upgraded the Philippines’ credit rating to “A-” with a stable outlook from “BBB+” last year.

At present, the Philippines holds an “A-” rating from the Japan Credit Rating Agency, “BBB” from Fitch Ratings, “Baa2” from Moody’s Ratings, and “BBB+” from Standard & Poor’s Global Ratings.

President Ferdinand Marcos Jr, who was criticised for his investment-promotion trips in the first year of his presidency, was beside himself in his social media accounts.

“Although this is the first credit upgrade under my administration, we will not stop here. We will keep giving our best to make sure that every Filipino benefits from economic growth until we break the cycle of poverty,” Marcos said.

He said the improved investment rating will “help us bring down borrowing costs and secure cheap and affordable financing for the government, businesses and ordinary consumers.”

“We can use the money we save to fund different public services like infrastructure, health-care facilities and the construction of classrooms for our learners. This will help us invest more on our people—paving the way for more Carlos Yulos in the near future,” he said, referring to the 24-year-old star gymnast who bagged two gold medals in the Paris Olympics.

The President added that the improved credit rating will also entice more investments and businesses to set up shop in the Philippines, leading to the creation of many quality jobs and higher pay for Filipinos.

Even the World Bank (WB), in its 2022 report “Overcoming Poverty and Inequality in the Philippines,” recognised that the country has made strides in reducing poverty.

“The Philippines has made significant progress in reducing poverty, but income inequality has only recently begun to fall. Thanks to high growth rates and structural transformation, between 1985 and 2018 poverty fell by two-thirds,” the WB said.

The WB said income inequality did not begin to decline until 2012 and the top 1 per cent of earners capture 17 per cent of national income while the bottom 50 per cent only gets 14 per cent. – Philippine Daily Inquirer/ANN