Global credit watcher Fitch Ratings upgraded its outlook on the Philippines as it expects the country’s economic growth to accelerate next year and the year after. The upgrade signals that the country could get another credit rating upgrade within the next 12 to 18 months.
Fitch upgraded its outlook on the Philippines to “positive” from “stable” while affirming its BBB rating. The change in outlook, to “positive” from “stable,” indicates an upward trend on the rating scale.
Fitch cited the country’s adherence to a sound macroeconomic policy framework that supports high growth rates with moderate inflation, progress on fiscal reforms that should keep government debt within manageable levels, as well as continued resilience in its external finances.