PH’s BBB+ credit rating affirmed
Japanese debt watcher Rating and Investment Information Inc. (R&I) maintained its previous BBB+ credit rating and “stable” outlook for the Philippines this year despite the economic downturn.
In a statement, the debt watcher noted that the Philippines “is expected to recover primarily through aggressive public investment, which had driven the economy in the past several years.” R&I added that the ‘aggressive’ infrastructure investment under the current administration has “increased its contribution to economic growth.”
In a separate statement, central bank Governor Benjamin Diokno called this affirmation an “important vote of confidence” on the country’s ability to recover from the economic impact of the pandemic.
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