Philippines has received BBB+ rating by the S&P Global Ratings indicating a stable and healthy recovery of the country’s economy.
As per Gambling Insider, S&P said: “We affirmed the ratings because we believe the Philippines will continue to have good economic recovery prospects once the Covid-19 pandemic is contained and that the Government’s fiscal performance will strengthen accordingly.”
It added: “Ongoing efforts to close infrastructure gaps, and further improve the business climate through regulatory and tax reforms should also support the Philippines’ economic productivity.”
Senator Pia Cayetano said: “It will not only plug the loopholes in our country’s tax code that led to issues of confusion surrounding the operation of POGOs, but it will also prevent similar issues in the future, which could gravely undermine our Government’s power to impose and collect the right taxes,” as reported by Gambling Insider.