The Philippines’ economic trajectory remains robust despite ongoing political issues, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said Thursday.
“Business as usual for us. I don’t think that these political noises would have any impact on the economy,” Balisacan said during a press briefing at Malacañang.
The NEDA chief emphasized the importance of maintaining sound and stable economic policies, which he credited for the country’s resilience through past political challenges.
“The country has weathered various political issues since the late 1990s and has remained strong, thanks to our sound economic policies,” he said.
Balisacan reaffirmed the administration’s commitment to achieving the goals set in the Philippine Development Plan, which aims to steer the country toward sustained growth and resilience.
“In this administration, we are focused on meeting the targets outlined in the Philippine Development Plan to sustain economic momentum,” he said.
The statement comes as economic managers welcomed S&P Global Ratings’ recent upgrade of the Philippines’ credit rating outlook to “positive.”
The improved outlook raises the possibility of an “A-” rating within the next 24 months, which would bolster the country’s standing as a prime borrower.
S&P cited the Philippines’ strong growth potential, effective policymaking, fiscal reforms, and solid external position as key factors in the improved outlook.
These include the government’s fiscal consolidation efforts and the passage of economic reforms such as the CREATE and PPP laws.
Balisacan and other economic managers highlighted the country’s resilience in the face of both domestic and external challenges, ranging from geopolitical tensions to global financial crises.
“Time and again, the Philippine economy has demonstrated its resilience, supported by robust consumer spending, remittances, and BPO receipts,” NEDA said in a separate statement.
Meanwhile, NEDA stated that the government remains focused on finalizing the 2025 National Expenditure Program and reviewing its Medium-Term Fiscal Program.
