AMERICAN credit agency Fitch Ratings said that business leaders in the Philippines has shown reaffirmation to the Philippines’ “BBB”, which effectively kept its “stable” outlook for the country.

Business leaders said that this is a strong testament to President Ferdinand R. Marcos Jr., effective fiscal management that is coupled with solid economic fundamentals.

No less than Francis Chua, chairman emeritus of the Philippine Chamber of Commerce and Industry (PCCI), said that while the credit rating will remain elusive.

The stable rating “is still a victory” for the country because the world’s major economies have not been faring so well recently.

Across-the-globe confidence dampeners such as the Russia-Ukraine war, production cuts by the Organization of Oil Producing and Exporting Countries (OPEC), and more recently, the Israel-Hamas conflict, have reportedly sent jitters across world markets.