The government remains confident it will be able to pay its loans when they are due, despite the COVID-19 crisis
– .
This has earned the country a “BBB+” level credit rating from international debt watchers, which allows the Philippines to borrow money from abroad at even cheaper interest rates, as the credit scoring scheme attests to an economy's ability to settle its dues on time. As the world faces the worst economic recession in the last hundred years, countries face “the virulent mix of monumental debt-to-GDP ratio.”
“The BSP has undertaken a series of reforms that made the banking industry sound, sufficiently capitalized, and with a lot of buffers,” he added. In a statement on Saturday, Diokno said the Philippine economy is expected to follow a “U-shaped economic recovery in 2021.”
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