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Incoming finance chief Diokno eyes single-digit poverty rate, credit rating raised to A

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Fishermen carry their boat to safety as they return from fishing near their temporary shelter to avoid the strong winds in Manila bay, Pasay City on July 22, 2021. Jonathan Cellona, ABS-CBN News/File" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/tvpatrol/06/06/20210722-weather-fishermen-pasay-jc-021103340.jpg"/><figcaption>Fishermen carry their boat to safety as they return from fishing near their temporary shelter to avoid the strong winds in Manila bay, Pasay City on July 22, 2021. <em>Jonathan Cellona, ABS-CBN News/File</em></figcaption></figure></div><p>MANILA - Incoming Finance Secretary Benjamin Diokno said Monday he is confident that poverty incidence in the country can be reduced to single digits by the end of President-elect Ferdinand Bongbong Marcos Jr&#x27;s administration if the economy continues to grow at around 6 percent. </p><p>&quot;We feel that if we grow around 6 percent on a consistent basis, poverty in this country will be down to single digit by the end of the Marcos regime,&quot; said Diokno, who is also the incumbent Bangko Sentral ng Pilipinas Governor. </p><p>&quot;Also by pursuing growth we will solve our revenue problem, that will solve our deficit problem and that will also help us achieve our goal to be an upper-middle-income country in a few years,&quot; he added.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/11/20/pandemic-seen-to-temporarily-slow-governments-gains-in-reducing-poverty-neda">Pandemic seen to &#x27;temporarily slow&#x27; government&#x27;s gains in reducing poverty: NEDA</a></li>	<li><a href="https://news.abs-cbn.com/business/05/12/22/ph-might-not-become-upper-middle-income-country-in-2022-chua">PH &#x27;might not&#x27; become upper-middle-income country this year: Chua</a></li></ul><p>The Philippines&#x27; poverty rate has gone down to 16.7 percent in 2018 from 23.5 percent in 2015 but gains were tempered by the COVID-19 pandemic. </p><p>Prior to the pandemic, the Philippine economy was growing by an average of 6 percent-- among the fastest in the region. In 2020, the economy contracted by 9.6 percent.</p><p>It has since emerged from recession with a <a href="https://news.abs-cbn.com/business/04/07/22/statistics-bureau-revises-2021-ph-growth-to-57-percent">5.7 percent</a> growth in 2021. Economic managers have said it could revert to its pre-pandemic level this year.</p><p>Aside from poverty alleviation, Diokno said the cabinet would unveil a program that would help the country achieve its goal of getting an A or investment-grade rating.</p><p>“It’s our goal to have an A rating sooner than later. I think that the prospects are bright. We were almost there but the pandemic got in the way,” Diokno said. </p><p>The Philippines has been rated as investment-grade by the three major credit rating agencies, but the country has yet to break into the highest &quot;A&quot; ratings. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/18/22/lending-seen-to-support-growth-as-fitch-affirms-ph-rating">Lending growth to support recovery as Fitch affirms PH’s ‘BBB’ rating: BSP</a></li>	<li><a href="https://news.abs-cbn.com/business/05/31/21/philippines-keep-credit-ratings-defy-downgrades-bsp">Philippines likely to keep credit ratings despite global downgrades: BSP chief</a></li></ul><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2065679" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Incoming Finance chief Benjamin Diokno said high economic growth can cut poverty to single digits by the end of President-elect Ferdinand Marcos Jr's term.