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PH bags credit rating upgrade from Fitch



Int’l debt watcher favorably cites PH’s macroeconomic outperformance, Duterte’s bold infra, tax reform plan  


 


Fitch Ratings has upgraded the long-term foreign currency rating of the Philippines to “BBB” from the minimum investment grade of “BBB-.”


The new rating is assigned a “stable” outlook, which means there are no pressing factors that could trigger an adjustment within the near term.


After over four years of status quo, the international debt watcher has finally acknowledged the further strengthening of the Philippines’ credit profile. This is the result of a long series of critical structural changes, including rising share of investments to the country’s gross domestic product, surge in manufacturing sector growth, better fiscal management that has resulted in rising revenues and declining debt burden, significant increase in public investments in infrastructure and social services, and broad range of financial sector reforms that have further strengthened the banking system, among others.

 



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