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Martin Romualdez, the speaker of the House, stated on Tuesday that Fitch Ratings’ decision to change the nation’s credit outlook from negative to stable represents “an unequivocal vote of confidence” in the socioeconomic policies of the Marcos government.

Fitch updated the Philippines’ Long-Term Foreign-Currency Issuer Default Rating to stable on Monday and confirmed the country’s investment grade “BBB” rating.

Following the International Monetary Fund’s (IMF) growth prediction, which pegged the Philippines’ economic growth for this year at 6.0 percent and cautioned that inflation posed a downside risk to the outlook and should be addressed with fiscal and monetary measures, Fitch revised its rating.

“This is an acknowledgment of our efforts to push through Congress the measures and reforms needed to pursue the eight-point socioeconomic agenda of President Ferdinand R. Marcos Jr. meant to create more jobs, improve social services, and irreversibly steer the economy back to the strong growth path it is on before the pandemic,” Romualdez said in a news release.

Following a staff visit to the Philippines that included a discussion with Romualdez, the IMF prediction was released.

Romualdez stated following the conference that the IMF Mission was impressed with the Philippines’ economic performance and the implementation of government policies designed to ensure sustainable growth will be advantageous to common Filipinos.

Romualdez, meantime, reaffirmed the House of Representatives’ unwavering commitment to passing the priority measures of the Marcos administration to implement the necessary reforms intended to hasten the pace of the nation’s post-pandemic economic recovery.

He said, “The House of Representatives will continue to do our share to ensure the promise of a robust economy, better-paying jobs, food, and energy security, and improved education and opportunities for our kids be achieved under the Marcos administration.

The Legislative-Executive Development Advisory Council nominated 42 bills as the administration’s priority legislation; to date, the chamber has passed 31 bills.

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