The Philippines has just gotten a slap on the wrist from credit rating agency Fitch Ratings, as the government struggles to contain the spread of COVID-19.
Mapa added that the Philippines will likely need to borrow even more amid falling revenues and growing expenses as it deals with the worst health crisis in recent history. Rising interest rates would mean that borrowing would be more costly in the near future. This strategy is why the team was cold to the proposed Bayanihan to Arise as One Act or Bayanihan 3, despite the Bayanihan to Recover as One Act or Bayanihan 2 lapsing with billions of pesos unspent.
Fitch moved the Philippines up from BB+ in June 2011 to BBB- in March 2013. It reached a BBB rating upgrade in December 2017. While Fitch affirmed the BBB rating, mainly due to the Philippine economy's strength going into the pandemic, erosion has occurred.
Nakakain ba ang 'FakeNews' ng Ratppler....?
Dagdag suffering sa mga mahihirap