MANILA, Philippines — President Rodrigo Duterte announced Monday that the Philippines had maintained its BBB+ credit rating despite the adverse effects of the coronavirus disease (COVID-19) pandemic.
In a public address, Duterte attributed it to the imposition of a lockdown to curb the spread of the disease and the efforts of Cabinet workers, the military, and the police.
“I’m happy to report that the Philippines has maintained its credit rating of BBB+,” Duterte said.
The Department of Finance (DOF) earlier said the Philippines was in a “very good financial position” before the pandemic.
According to the DOF, the country’s credit rating, which measures iss creditworthiness, was the “highest-ever achieved.”
In February, the Bangko Sentral ng Pilipinas (BSP) said the Fitch Ratings raised the outlook on its BBB investment grade credit rating for the Philippines from “stable” to “positive.”
This developed after Japan-based Rating and Investments Information Inc. upgraded the country’s rating from BBB to BBB+.
/atm