MANILA — The House of Representatives has pledged continued support for the economic policies of President Ferdinand R. Marcos Jr., following a favorable 'A-' credit rating from Japan-based Rating and Information Inc.

According to Philippines News Agency, the upgraded credit rating serves as a confirmation of the effectiveness of the Marcos administration's economic and fiscal strategies. The Speaker relayed his optimism in a news release on Sunday, citing the rating as the highest the country has achieved to date, an improvement from last year's 'BBB+' mark. The President has reportedly expressed great satisfaction with this advancement, viewing it as a testament to his administration's direction.

This credit rating boost coincides with a report from the Philippine Statistics Authority, which noted a 6.3 percent growth in the nation’s economy during the second quarter of this year. Romualdez emphasized that this growth rate aligns well with the projections made by various multilateral lending institutions, which forecast an annual expansion between 5.9 percent and 6.2 percent.

The Speaker stressed the importance of translating economic growth into tangible benefits for the populace, including increased financial aid and substantial allocations for education, health, and other essential services. He also highlighted the practical financial benefits of the higher credit rating, such as reduced borrowing costs and lower interest payments on loans, which could allow for increased government spending on public welfare.