MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla on Friday welcomed positive ratings the country received from Standard & Poor Global Ratings and the Japan Credit Rating Agency (JCR).
“Favorable credit rating actions are a welcome pat on the back,” Espenilla said in a statement.
Announced in Manila on Thursday, the Philippines bagged a “positive” outlook from Standard & Poor Global Ratings from its "stable" rating due to improved government policies, the tax reform law and the Build, Build, Build campaign.
Meanwhile, the JCR has kept its BBB+ rating for the country and has given it a "stable" outlook driven by its robust economic growth and resilience to headwinds.
“The BSP is committed to its price and financial stability mandates, which have provided an environment conducive for economic growth and stability over the years. At the same time, the BSP is keen on helping push the economy toward the next stage of development through financial sector reforms, which are vital for accelerating growth and making it more inclusive," Espenilla said.
Both firms also cited the country's strong external payments position in their ratings.