Despite political risks, Fitch Ratings raises outlook for Philippines

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Fitch Ratings says the Duterte administration's review of allegedly onerous contracts may create some uncertainty, but will not affect the overall business environment and foreign investments.

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ECONOMY. Fitch Ratings sees a strong economy under President Rodrigo Duterte. Malacañang file photoraised its outlook for the Philippines to"positive" from"stable," despite regulatory risks under the Duterte administration.

On Tuesday, February 11, Fitch cited the country's sound macroeconomic policy framework, fiscal reforms, and moderate inflation as factors for the revision.The improved outlook gives the Philippines a higher chance of a credit rating from its current status of BBB to the coveted A rating. A higher credit rating means lower borrowing costs for the government and the private sector.

"The Philippines will remain among the fastest-growing economies in the Asia-Pacific region in 2020-2021, well above the current 'BBB' median," Fitch said.President Rodrigo Duterte recently subjected Manila Water and Maynilad Water Services' allegedly onerous concession agreements for

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