S&P holds Philippines ratings steady on rising FX reserves, low debt

MANILA – Standard & Poor’s has affirmed its 'BBB' long-term and 'A-2' short-term sovereign credit ratings on the Philippines, pointing to a strong external position reflecting rising foreign exchange reserves and low external debt. S&P says the Philippines remains a low-income sovereign with vulnerabilities in its institutional and governance framework.

 “The stable outlook reflects our expectation that the key economic fiscal, external, and monetary credit measures for Philippines will continue to improve, S&P said.