House Speaker Ferdinand Martin Romualdez said the A- credit rating given to the Philippines by Japan-based credit watchdog  Rating and Information Inc. (R&I) signifies that the present administration is on course to meet its targets.

In a statement, Romualdez stressed that this year's improved credit standing “is an affirmation that the economic and fiscal policy direction of President Ferdinand ‘Bongbong’ R. Marcos Jr. is on track.”

He added that the Chief Executive is in  elation over the rating, which is “the highest to date.”

To recall, the R&I last year gave the country a BBB+ mark.

The House Speaker attributed the positive standing to the country’s 6.3 percent growth rate in the second quarter of this year, which he said aligns with the full-year growth forecast of multilateral lending institutions, ranging from 5.9 percent to 6.2 percent.

"I am confident that we can attain these numbers. But as I said, our countrymen should feel the growth of our economy through help and huge funds for education, health, their needs, and other assistance,” Romualdez said.

He added that credit rating improvements would mean fewer borrowing costs for the country and lower interest payments on loans.