S&P Global Upgrades Credit Rating Outlook for the Philippines

Forex - International credit rating agency S&P Global has affirmed the Philippines' credit rating while upgrading its outlook.

According to a statement from S&P Global, the country's long-term credit rating in foreign and local currency is affirmed at "BBB+", and the short-term credit rating is affirmed at "A-2".

The statement noted, "We believe that effective policymaking in the Philippines has led to structural improvements in the country’s credit metrics. Fiscal reforms have increased government revenue as a share of GDP and helped finance public investments. Improved infrastructure and policy environment have contributed to robust economic growth throughout much of the past decade."

S&P Global indicated that the country's external position continues to reflect credit strength, supported by rising foreign exchange reserves and low external debt.

Consequently, the credit rating outlook has been upgraded from "stable" to "positive."