Moody's maintains PH rating with stable outlook

Moody's Investors Service maintained the Philippines' Baa2 investment grade rating with a stable outlook despite cutting its 2020 growth forecast to 2.2% due to the COVID-19 pandemic.

The country's economic contraction is expected to be less severe compared to most economies, and Moody's expects robust GDP growth relative to peers in 2021.

Bangko Sentral ng Pilipinas Governor Benjamin Diokno called this decision a 'vote of confidence' in the Philippines' macroeconomic fundamentals and management of the pandemic.

Finance Secretary Carlos Dominguez III highlighted the country's young labor force, responsible debt management, and focus on infrastructure development as key strengths.