Pandemic risks postpone PH recovery
Various pandemic-related risks are forecasted to slow down the Philippines’ economic recovery and could increase the possibility of long-term economic scarring, according to credit rating firm Moody’s Investors Service.
Moody’s senior vice president Christian de Guzman said that compared to other “export-oriented” countries in the Asia-Pacific, the Philippines’ recovery can be greatly affected by pandemic risks.
“In particular, the revival of private investment would depend on a sustained restoration of business confidence,” he added.
Despite the significant debt increase due to the pandemic, Moody’s said that the country has maintained its strong debt affordability compared with its Baa2-rated peers. The upcoming 2022 elections may raise uncertainties regarding the outlook for reform.
However, the report also shows that the stable outlook of the country reflects the view that the recovery post-pandemic would bring rapid economic growth to the Philippines compared to its neighboring countries.
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