Budget and Management Secretary and Development Budget Coordination Committee Chairperson Amenah F. Pangandaman welcomed the news that Fitch Ratings, an award-winning international credit rating agency, has affirmed the Philippines' investment grade long-term Foreign Currency Rating at 'BBB' and kept its outlook at stable. 

"It bears noting that Fitch cited the Philippines' strong medium-term growth as one of the reasons for our rating. We hope to sustain our momentum for growth and keep our lead as one of the fastest growing economies in Southeast Asia," Pangandaman said. 

"For our part at the Department of Budget and Management, we will continue to pursue the priorities under our Agenda for Prosperity such as the Build-Better-More infrastructure program and accelerate our reform agenda to ensure that our government spending will yield higher productivity and contribute to the growth story of the country," the Budget Chief added. 

Fitch expects the Philippines' economy to expand by 5.8 percent in 2024, and forecast real GDP growth of above 6 percent over the medium term, supported by investments in infrastructure, as well as public-private partnerships (PPPs).