Finance chief: Selling assets not needed for COVID-19 response

Finance Secretary Carlos Dominguez III stated that selling government assets, such as military land, the Cultural Center of the Philippines, and the Philippine International Convention Center, is unlikely to be necessary for funding the COVID-19 response.

Dominguez asserted that the Philippines was in a strong financial position prior to the COVID-19 emergency due to President Duterte's economic policies.

These policies included increased government revenues and prudent spending, which led to an improved credit rating of 'BBB+'.

The country's reputation as a borrower is at its highest, with the next step being an 'A' rating.

Tax reforms were highlighted as a contributing factor to the Philippines' favorable credit ratings.

Credit ratings are indicators of a government's creditworthiness and serve as a proxy for the economy's performance.