When ratings agencies give the thumbs-up sign to a sovereign state, it simply means the subject nation is practicing good housekeeping. Know more:
When ratings agencies give the thumbs-up sign to a sovereign state, it simply means the subject nation is practicing good housekeeping. As in a household, the state is managing its resources efficiently and trying its best to live within its means.
The reopening of the economy allowed more businesses to operate, which in turn enabled them to pay taxes to the national government and local government units. As a result, the government posted a budget surplus of P66.8 billion in April, or more than 13 times higher than the result in the same month last year. The April surplus trimmed the budget deficit in the first four months to P204.1 billion, or more than a third lower than the P311.9-billion shortfall in the same period last year.
Other countries have much higher debt-to-GDP ratio. Japan, for example, has a debt-to-GDP ratio of more than 260 percent, while the US has nearly 130 percent. “The revision also reflects our assessment that the Philippines’ economic policy framework remains sound and in line with ‘BBB’ peers, despite its low scores on World Bank Governance indicators,” says Fitch.
The structural reforms include the amendments to the Public Service Act, Foreign Investments Act and Retail Trade Liberalization Act, along with the Corporate Recovery and Tax Incentives for Enterprises Act.
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