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MANILA - Fitch Ratings on Friday retained its "BBB" classification for the Philippines due to its strong external position but maintained its negative outlook and noted its weakness on per capita income, governance standards, and human development. In a report, the debt rater said its latest rating action on the country "reflects weak government revenue mobilization compared with peers and government debt/GDP (gross domestic product) that rose sharply from pre-Covid-19 pandemic levels but is forecast to stay close to the 'BBB' median over the next few years." "The Negative Outlook reflects uncertainty about medium-term growth prospects as well as possible challenges in unwinding the policy response to the health crisis and bringing government debt on a firm downward path," it said. The credit rater projects a 6.9-percent growth for the domestic economy this year and 7-percent expansion next year, both higher than the 5.6 percent output last year. E

Fitch ratingsNegative outlookManila fitch ratings on friday retained its quot bbb classification for the philippines due to strong external position but maintained negative outlook and noted weakness per capita incomeGovernance standardsNd human development ina reportHe debt rater said its latest rating action on the country quot reflects weak government revenue mobilization compared with peers and gdp gross domestic product that rose sharply from pre covid 19 pandemic levels but is forecast to stay close 39 bbb median over next few years negative outlook uncertainty about medium term growth prospects as well possible challenges in unwinding policy response health crisis bringing ona firm downward pathUot it said the credit rater projectsa 6 9 percent growth for domestic economy this year and 7 expansion nextOth higher than the 5 6 percent output last year economic managers 39 have seta 7 to 9 gdp assumption for 2022 anda growth 2023 2024 improvement in rate of vaccination against coronavirus disease 2019 covid 19Rop in covid 19 casesNd normalization of economic activities are seen to boost domestic growthHe report said the debt rater also saw increased infrastructure spending by government asa plus to its economic growth authorities estimated last year have hit 5 6 percent of gross domestic product gdpIgher than the previous year 39s 4 8 percent they target this to rise 5 9Nd go down to 5 percent and 4 in the next two years hike government 39s infrastructure investment is seen quot help address shortcomings that have held back country growth potentialUot the report said quot fiscal and monetary policy responseTrong infrastructure spendingNd resilient remittances and exports are also boosting the recovery