Japan Credit Rating Agency (JCR) on Friday affirmed the Philippines’s investment-grade credit rating of A- with a stable outlook on the back of the country’s sustained economic growth that has been “resilient” to external shocks.
JAPAN Credit Rating Agency on Friday affirmed the Philippines’s investment-grade credit rating of A- with a stable outlook on the back of the country’s sustained economic growth that has been “resilient” to external shocks.
“Hence, JCR does not consider that fiscal soundness will be impaired. Remittances from Filipinos abroad remain solid and the economy stays highly resilient to external shocks. Based on the above, JCR has retained the ratings with Stable outlook,” it said. The JCR noted that the national government was able to keep its external debt balance at 26.8 percent of GDP at the end-September 2022.
The DOF emphasized that the Philippines’s current credit rating “indicates lower credit risk and entails better access to the international bond market and favorable interest rates.” The agency added it would also boost investor confidence in the country that could result in more foreign direct investments.
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