Moody's: Philippines view stable

Moody's Investors Service said that it has a stable outlook on the Ba3 sovereign credit rating of the Philippines and that the prospects for the economy remain good, but a number of crucial challenges are apparent.

The Philippines was one of the few countries in the region to avoid year-on-year contractions in output during the worldwide recession, Moody's said, and its rating is supported by the country's fortified external payments position, as well as a fairly sound and liquid banking system.

The country's historically high level of official foreign-exchange reserves has been bolstered by the resilience evident in remittances from the large numbers of Filipino workers overseas, Moody's said. This situation has helped buffer the economy and government finances from external shocks and has greatly supported its exchange rate stability, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.