EXPANSION Gov’t lauds Moody’s PH credit rating

The Duterte administration welcomed yesterday the move of Moody’s Investors Service of maintaining the Philippines’ investment grade rating.

In a statement released on Tuesday, Moody’s said the sovereign credit rating of the Philippines was maintained at Baa2, which is a notch above the minimum investment grade, and the outlook on the rating remained “stable.”

“The favorable credit rating from Moody’s is a telling mark of the Duterte administration’s heightened efforts to sustain the robust growth of the Philippines by attracting more investments and, more importantly, to make it a more inclusive one by raising spending on infrastructure and human capital,” said Finance Secretary Carlos Dominguez III in a statement.

Bangko Sentral ng Pilipinas Gov. Amando Tetangco, Jr. said that the decision of Moody’s speaks well of the path that the Philippine economy continues to tread, partly on account of the price and financial stability that comes on the back of prudent monetary policies and bank supervision.

“The banking sector, which remains strong and stable, will also continue to support the increasing potential output of the economy as it provides financing for growing investment and consumer demand,” he said.

Moody’s said it expects the Philippines’ economic performance to remain strong while debt consolidation will continue and foster further convergence of key fiscal metrics versus corresponding peer medians. /