Global ratings agencies could raise the Philippines’ credit rating soon, given its relatively robust economic growth and strong external position, according to an economist. “Given the dynamics akin to the Philippines, with aces in the form of steady overseas Filipino remittances and BPO receipts, the Philippines remains more insulated than regional peers even in light of the possible trade war,” said Nicholas Mapa, senior economist at ING Bank Manila. Mapa added that if the government can help support the growth momentum and ensure that the infrastructure buildup continues, ratings agencies would take notice sooner rather than later. The Department of Finance earlier said the Philippines would possibly be granted another ratings upgrade in the near term as it shows signs of resilience in the face of a global economic slowdown. The country’s ongoing tax reforms and the possible changes to bank secrecy law are central to getting upgraded, the agency said.
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