While the proposed Bayanihan 3 already hurdled the House of Representatives, Congress as a whole has yet to pass it.
Asuncion also noted that the recent downgrade might make other credit raters also take a look, mentioning in particular S&P Global Ratings and Moody's Investors Service.for the Philippines while Moody's affirmed its Baa2 rating. Both ratings come with a stable outlook. BDO chief market strategist Jonathan Ravelas told CNN Philippines the outlook revision is a"writing on the wall" that the country needs to do better in navigating the COVID-19 pandemic.
Source: Loan Digest (loandigest.net)
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