Fitch revises Philippines view to stable

Fitch Ratings said it revised the outlook on the Philippines’ long-term foreign-currency issuer default rating to stable from positive and affirmed the rating at BBB.

“The revision of the outlook reflects deterioration in the Philippines’ near-term macroeconomic and fiscal outlook as a result of the impact of the global Covid-19 pandemic and domestic lockdown to contain the spread of the virus. Fitch projects the economy will contract this year, and that fiscal relief measures will contribute to a widening of the 2020 general government deficit by more than 3.5pp of GDP,” the agency said in a press release.

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