Economic managers are optimistic the goal of “A” investment grade rating for the Philippines will be attained in two years, following Fitch Ratings’ upward adjustment of its “BBB” credit rating outlook for the country from “stable” to “positive” on Tuesday.
The upward revision happened less than a week after Japan-based Rating and Investments Information Inc. upgraded the country’s rating from “BBB” to “BBB+”.
Bangko Sentral ng Pilipinas Governor Benjamin Diokno said in a statement the “positive” outlook from Fitch―which signaled that a possible upgrade to “BBB+” could happen in the next 12 to 18 months―was an encouraging development.
“We deserve a credit rating upgrade from Fitch, and the ‘positive’ outlook should soon lead us there. As part of our Road to ‘A’ agenda, we are more vigorously communicating the economic milestones as well as the governance and institutional strengthening the Philippines achieved in recent years,” Diokno said.
“At the same time, we are meticulously tracking how the economy is progressing in terms of achieving a wide array of metrics that will solidify our position as an ‘A’ rated economy in two years,” Diokno said.