THE Department of Finance attributed the Fitch Ratings' affirmation of the country's investment grade rating of “BBB” as part of the agency's confidence for the country’s strong macroeconomic fundamentals.

Earlier, Fitch recognized the country’s growth prospects, as it said that the Philippine economy is expected to grow by above 6 percent over the medium term.

This is considerably stronger than the median 3 percent among "BBB" peers.

“The favorable assessment demonstrates the Agency’s confidence in the country’s strong macroeconomic fundamentals, which can clearly be seen in our third quarter growth performance,” Finance Secretary Benjamin Diokno said in a statement.

The Fitch rating or assessment is said to be due to the Philippines’ strong growth, gradual fiscal consolidation and reductions in government debt-to-GDP ratio, narrowing current account deficit, comfortable financing, macroeconomic stability, sound economic policies and economic reforms.

“The economic team will remain faithful to the agenda outlined in the Medium-Term Fiscal Framework (MTFF) and the Philippine Development Plan (PDP) 2023-2028. We are also committed to implementing sound policies and reforms to drive more investments that will help continue the country’s robust economic growth in the medium term,” Diokno said.