BY ONLINE BALITA NEWS
Finance Secretary Ralph G. Recto has welcomed the Philippines’ top performance in the Institute of International Finance (IIF)’s 2024 Investor Relations and Debt Transparency Report, crediting the Department of Finance (DOF) for its proactive efforts to boost public trust and engagement.
“It is very encouraging to see that the Philippines is setting a global benchmark in investor relations and debt transparency,” the Finance chief said.
“Transparency is most important, especially regarding government debt. We release data regularly to clearly show the public where their taxes and our borrowings go. This transparency reflects the Marcos, Jr. administration’s commitment to managing the country’s finances prudently and sustainably to ensure a future of fiscal stability for Filipinos,” he underscored.
Recto further noted that this achievement is also the result of the DOF’s proactive engagements with creditors and investors.
“Through constant dialogues, we equip our creditors and investors with the knowledge and insights needed to make informed assessments of our country’s performance,” he stressed.
Out of the 50 countries surveyed by the IIF, the Philippines scored the highest in debt transparency at 12.5 out of 13.
The debt transparency score assesses sovereign borrowers’ data and policy dissemination practices.
It takes into account the countries’ adherence to enhanced transparency practices; user-friendliness of macroeconomic and environmental, social, and governance (ESG) data formats; and availability of ESG data, among others.
The Philippines also ranked first in the survey on investor relations with a near-perfect score of 48.8 out of 50. It evaluates the overall investor relations practices of countries across 23 criteria.
The Philippines’ debt transparency initatives are being led by the Bureau of the Treasury (BTr), which releases to the public regular comprehensive reports on the central government’s fiscal outturns and debt portfolio.
These include the National Government Cash Operations Report (COR), which outlines the actual monthly and annual revenue collections, expenditures, and financing of the national government.
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