Philippine President Rodrigo Duterte (Photo: AFP/VNA)Hanoi (VNA) - Philippine President RodrigoDuterte has emphasised the important role played by the country's banking andfinancial management system in responding to the crisis caused by the COVID-19pandemic.
During his annual state of the nation speech on July 27, Duterte expressed the pridein the country’s ability to maintain a strong finance despite the impact of thepandemic.
He stressed that stable financial management and fast-growing banking systemare the factors that help the country better cope with the health crisis.
Duterte also expressed optimism that the overall situation will be better whenthe world finds an effective vaccine againstCOVID-19.
He highlighted that the country received a BBB plus credit rating despite the creditrating downgrades and negative outlook revisions worldwide.
“The Japan Credit Rating Agency upgraded us from BBB plus to Aminus last month,”
President Duterte said in his speech.
“Our fiscal position is strong, our economic and fiscalmanagement prudent and our banking system robust. We are in a better positionto weather the crisis caused by the COVID-19 global pandemic,” he said./.
VNA
