Moody's: Philippines stable

Moody's Investors Service said the outlook for the Philippines' Ba2 sovereign credit rating is stable.

The rating is underpinned by fiscal consolidation, increased macro-economic stability, strong GDP growth and higher investment spending, Moody's said.

The rating was upgraded to Ba2 from Ba3 in June 2011 in recognition of the country's progress on fiscal consolidation, according to the agency's annual report on the Philippines.

Furthermore, prospects for increased investment spending and an enhanced outlook for potential growth are set to improve due to expected gains in governance and macroeconomic stability, Moody's said.

And inflationary expectations look well-anchored, despite the rise in global commodity prices and historically high levels of GDP growth, the agency said.

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