Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. remains optimistic that the Philippines can still achieve an 'A' credit rating, despite recent setbacks including a graft scandal and an oil price shock. "Yes, it's still possible," Remolona said, acknowledging that the path has become "a bit difficult" but expressing confidence that the country will get back on track once external storms subside.
His remarks come after Fitch Ratings downgraded the Philippines' outlook to negative from stable, warning that the 'BBB' rating could be lowered within one to two years if fiscal conditions do not improve. Similarly, S&P Global Ratings adjusted its outlook to stable from positive, dimming prospects for an upgrade to 'A' in the near term.
Remolona, however, defended the country's policy mix. "Fiscal policy and monetary policy are okay," he said, striking a calm tone amid the turbulence.