THE PHILIPPINES is unlikely to see any credit rating downgrades this year and in 2023, as the economy is expected to grow faster despite headwinds.
Victor A. Abola, an economist from the University of Asia and the Pacific , said they kept the gross domestic product growth forecast at 6-7% this year, faster than the 5.7% expansion in 2021.
Economic growth would also be driven by sustained domestic demand — household consumption, government and investment spending, he added. “We have a steady source of OFWs [and] our BPOs are providing steady support to our revenues… A credit downgrade is unlikely as we grow faster,” he added. S&P Global Ratings last affirmed the country’s “BBB+” rating with a stable outlook in May 2021. Meanwhile, Moody’s last aAt the end of the first quarter, the Philippines’ debt-to-GDP ratio stood at 63.5%, exceeding the 60% threshold that multilateral lenders consider suitable for developing economies.
The DBCC is aiming to bring down the debt-to-GDP ratio to 61.8% by end-2022 all the way to 52.5% by 2028.
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