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Philippines economy receives BBB+ rating from S&P Ratings

S&P Global Ratings has confirmed a BBB+ rating for the Philippines, with the expectation of a stable and healthy recovery of the country’s economy.

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The rating is slightly less than A- the country’s government was aiming for, but its stable status means the BBB+ will likely remain unchanged for half a year and could last up to two years, according to Business World.  

“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,” said S&P.

S&P also affirmed the A-2 rating for short-term credit for the Philippines, which is also marked as stable. S&P expects the country’s GDP to increase by 7%.

“Ongoing efforts to close infrastructure gaps, and further improve the business climate through regulatory and tax reforms should also support the Philippines’ economic productivity.”

The Philippines is currently aiming to fill in some gaps regarding Philippine offshore gaming operators (POGOs), with a bill that was recently introduced to the Senate.

“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,” said senator Pia Cayetano.

“By addressing these gaps in our tax system, we can maximise the POGO industry’s potential as a revenue source.”

The new bill would introduce a 5% gaming tax on gross gaming revenue for all casinos that hold an offshore gaming licence.

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