Philippines in strong fiscal position to weather COVID-19: Duterte

President Rodrigo Duterte stated during his fifth State-of-the-Nation Address that the Philippines is in a strong fiscal position to weather the challenges posed by the COVID-19 pandemic.

He highlighted the country's robust banking system and prudent economic management as key factors contributing to its resilience.

Duterte noted upgrades in credit ratings from Japan Credit Rating Agency (JCRA) to A-, with Moody’s Investors Service affirming a Baa2 rating, both with stable outlooks.

Fitch Ratings affirmed the Philippines' BBB rating with a stable outlook, while S&P Global Ratings maintained a BBB+ rating despite downgrades and negative revisions worldwide.

The President also emphasized the success of the country's infrastructure program under 'Build, Build, Build', though Bangko Sentral ng Pilipinas Governor Benjamin Diokno has since backtracked on achieving an A credit rating due to pandemic priorities.