PHIL gets ‘verbal’ assurances from Fitch, Moody’s on outlook

FITCH RATINGS and Moody’s Ratings will stick to their views on the Philippines’ prospects even in the face of the flood control scandal, the Department of Budget and Management (DBM) said.

- — Katherine K. Chan

Budget Undersecretary and Principal Economist Joselito R. Basilio said the two credit-rating agencies “verbally” affirmed their outlooks for the Philippines.

“(itch Ratings knows) that (the scandal) will only improve the way we do things. It will result in reform,” he told reporters on the sidelines of an event on Monday.

“Tapos alam nila ’yung internal, domestic economy is resilient (And they know that the domestic economy is resilient),” he added.

On Monday, Fitch Ratings issued a peer credit analysis flagging the potential impact of the ongoing corruption scandal on the Philippines’ growth outlook.