Philippines in a "strong" fiscal position to weather COVID-19, Duterte claims

The Philippines is in a "strong" fiscal position to weather the coronavirus pandemic, banking on its ambitious infrastructure program, President Rodrigo Duterte said Monday.

In his fifth State of the Nation Address (SONA), Duterte claimed that the country has enough fiscal capacity to move forward from the global health crisis.

"Our fiscal position is strong, our economic fiscal management prudent, and our banking system robust. We are in a better position to weather the crisis caused by COVID-19 global pandemic," he said.

"We have accomplished significant infrastructure projects under the Build, Build, Build program," he claimed.

In his speech, Duterte noted that the Philippines scored an "A-" credit rating from the Japan Credit Rating Agency Ltd. (JCR) in June.

However, the Philippines’ highest credit rating so far from a major ratings agency is a "BBB+" rating from S&P Global Ratings on the country's long-term sovereign credit rating.

Bangko Sentral ng Pilipinas Governor Benjamin Diokno in 2019 said the 'A' rating could be achieved in the next two years, but he has since backtracked and said this may no longer be the case.

Diokno in May said the quest for an 'A' credit rating will have to take a backseat while the government focuses on providing assistance to those hit by the pandemic.—AOL, GMA News