The Japanese credit rating agency said the Philippines would likely see a stable growth and sustained improvement in national income amid active investments, development of domestic business sectors, and favorable demographics.
“The fiscal balance as a share of gross domestic product (GDP), which had deteriorated during the COVID-19 pandemic, has improved and the government debt ratio will likely start falling in a year or two,” R&I said.
The country’s A- credit rating, which is three notches above minimum investment grade, was also due to expectations of a manageable current account deficit and external debt in the coming year.
“Based on macroeconomic stability and high economic growth path as well as expected continuous improvement in fiscal balance, R&I has upgraded the Foreign Currency Issuer Rating to A-,” it said.
This story is from the August 15, 2024 edition of The Philippine Star.
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This story is from the August 15, 2024 edition of The Philippine Star.
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