Philippine President: financial system plays crucial role in response to COVID-19 hinh anh 1Philippine President Rodrigo Duterte (Photo: AFP/VNA)

Hanoi (VNA) -
Philippine President Rodrigo Duterte has emphasised the important role played by the country's banking and financial management system in responding to the crisis caused by the COVID-19 pandemic.

During his annual state of the nation speech on July 27, Duterte expressed the pride in the country’s ability to maintain a strong finance despite the impact of the pandemic.

He stressed that stable financial management and fast-growing banking system are the factors that help the country better cope with the health crisis.

Duterte also expressed optimism that the overall situation will be better when the world finds an effective vaccine against COVID-19.

He highlighted that the country received a BBB plus credit rating despite the credit rating downgrades and negative outlook revisions worldwide.

“The Japan Credit Rating Agency upgraded us from BBB plus to A minus last month,”
President Duterte said in his speech.

“Our fiscal position is strong, our economic and fiscal management prudent and our banking system robust. We are in a better position to weather the crisis caused by the COVID-19 global pandemic,” he said./.