MANILA - Debt-watcher Standard and Poor's decision to maintain its investment grade score on the Philippines is an affirmation of the country's growth prospects under President Rodrigo Duterte, economic managers said Tuesday.
This also encouraged government to go "full throttle" on "Dutertenomics," its ambitious plan to build P8 trillion in new infrastructure, Finance Secretary Carlos Dominguez said in a statement.
"S&P has confirmed what international and domestic financial institutions plus the business community and other sectors have been saying all along -- that the policy environment on the Duterte watch remains conducive to sustained high economic growth," he said.
S&P on Friday affirmed its "BBB" rating with a "stable" outlook for the Philippines, one notch above minimum investment grade.
The ratings agency's decision is a recognition of the central bank's monetary policy and reform initiatives, Bangko Sentral ng Pilipinas Governor Amando Tetangco said.
"The BSP over the years has institutionalized a host of reforms that serve crucial roles in maintaining price and financial stability," Tetangco said.
Fitch also kept the Philippines' investment grade rating in March.