S&P upgrade to save billions for gov't, private sector: Treasury

ABS-CBN News

Posted at May 08 2019 02:52 PM

MANILA - The government and the private sector stand to save billions through lower interest payments after S&P Global upgraded the Philippines' credit score, an economic official said Wednesday.

For commercial issuances alone, the savings could run up to P3 billion, said National Treasurer Rosalia De Leon.

Private companies will also benefit from lower borrowing costs because commercial lenders use the government as the benchmark, she said.

"What does it mean? They will have more capital expenditures to produce more jobs," De Leon said. 

De Leon confirmed that the Treasury was looking to issue euro, yen and yuan-denominated depending on market conditions. 

"If we see favorable pricing, then we will definitely pull the trigger as well," she said.