THE S&P Global Ratings said that they had affirmed the Philippines’ BBB+ investment grade credit rating.

According to the ratings company, the Philippines economic recovery and plans for the post-pandemic recovery has remained robust.

Likewise, S&P said that they had kept a stable outlook on the country.

They added that they expect the economic recovery of the Philippines to be sustained and fiscal deficits to decline over the next two years.

“The government is continuing its fiscal consolidation, with a lower deficit and stabilizing debt burden. The country's external position remains a rating strength, although current account deficits in recent years have decreased net external assets,” S&P said. 

S&P earlier said that they may lower the ratings, should the annual changes for the net general government debt be consistently higher than 4 percent of GDP and the general government net debt stock exceeding 60 percent of GDP; or interest payments exceeding 15 percent of revenue on a sustained basis.