Salceda says Marcos’ fiscal moves put Phl on verge of credit upgrade

Former Albay Rep. Joey Salceda credited Ferdinand Marcos Jr.’s fiscal decisions for what he described as the country being “at the cusp or on the verge of another credit update,” saying tighter control over questionable spending helped reduce the deficit and opened room for priority investments.

Salceda made the remarks during a Saturday media forum at Dapo Restaurant in Quezon City.

“In fact, we are at the cusp or on the verge of another credit update, which means lower interest rates, which means more space for spending, for government investments in areas that will essentially support our competitiveness for foreign direct investments,” he said.

An economist who previously served three terms as Albay governor and chaired the House Committee on Ways and Means, Salceda described as a turning point the administration’s move to cut big-ticket allocations he linked to a flood control scam. He said the decision narrowed the deficit while keeping core priorities intact.

The country currently holds investment-grade ratings from major credit agencies, with S&P Global Ratings maintaining a positive outlook on its “BBB+” rating, signaling a possible upgrade if improvements are sustained.

Salceda said exposing and trimming questionable budget items, including flood control allocations cited in the President’s State of the Nation Address, freed up fiscal space for education, health, and agriculture.

“I won’t call it a blessing na ninakaw ’yung flood control. Pero dahil doon binawasan ni Marcos, andami niyang in-erase, hindi pinapalabas ang mga pera kaya tuloy meron tayong fiscal space, and therefore, I think we are on the verge of getting a credit upgrade because of that,” Salceda said.