Japan-based debt watcher Rating and Investment Information Incorporated affirmed the Philippines’ credit rating at BBB+ and upgraded its outlook from stable to positive, citing the country’s improving fiscal position and robust fundamentals.
by 7.6%, surpassing the government target of 6% to 7%. As of the first quarter of 2023, GDP grew 6.4%.
President Ferdinand Marcos Jr. ‘s economic managers aim for the debt-to-GDP ratio to fall to less than 60% by 2025 and cut the deficit-to-GDP ratio to 3% by 2028. For infrastructure spending, the economic team aims to maintain it at 5% to 6% of GDP. Meanwhile, the Philippines’ current account deficit stood at $4.3 billion in the first quarter of 2023, which is -4.3% of GDP.
Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said the Philippine banking system remains a source of strength as it continues to support the funding needs of the country’s growing economy.
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