Philippine credit rating stays below investment grade

Despite efforts from the country’s economic managers to highlight the Philippine government’s governance and anti-poverty efforts, credit agency Fitch Ratings has decided to keep the country’s below investment grade rating as is. Economic officials have continued to pitch for the country’s rating to be upgraded to an investment grade–which translates to lower borrowing rates but the ratings firm is not fully convinced. In a statement, it said, “The Aquino administration’s reform agenda has focused on tackling perceived shortcomings in governance and poverty and has the potential to address long-standing structural weaknesses. However, it will likely take time to feed through to the sovereign credit profile.”

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