Japan agency affirms PH 'A-' rating with stable outlook

Japan Credit Rating Agency (JCR) affirmed the Philippines' sovereign rating at 'A-' with a stable outlook on Monday.

The affirmation was based on the country's economic resilience, low external debt relative to GDP, accumulation of foreign exchange reserves, solid fiscal position, and sound banking sector.

Despite delays in economic recovery due to the Delta variant causing an increase in COVID-19 cases, JCR noted that government measures such as increased public health spending, accelerated vaccination efforts, and continued employment programs supported by a strong pre-pandemic fiscal position have been effective.

JCR also highlighted the Duterte administration's infrastructure development program continuing despite the pandemic.