S&P affirms Philippines

Standard & Poor's said it affirmed its BB-/B foreign currency and BB+/B local currency sovereign credit ratings on the Philippines, with a stable outlook.

The ratings on the Philippines are supported by adequate and improving external liquidity, the agency said, noting that prudent exchange-rate management combined with large and steadily rising remittance inflows ensure a safe level of external reserves, which are now increasingly benefiting from rising foreign direct investment and portfolio inflows.

Short-term liquidity risk for the Philippines is therefore moderate, compared with its similarly rated peers, the agency noted.

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