FX.co ★ Fitch Changes Philippines Credit Outlook to Negative

On April 20, 2026, Fitch Ratings revised the Philippines’ credit outlook to “negative” from “stable,” while affirming its long-term sovereign rating at BBB amid rising growth risks. The agency cited recent disruptions to public investment and the country’s heightened vulnerability to the ongoing global energy shock as key factors weighing on the Philippines’ medium-term growth prospects. Fitch warned that these pressures could erode the Philippines’ historical growth outperformance relative to its peers, particularly in the context of elevated post-pandemic government debt and a gradual weakening of its external financial position. Standard & Poor’s currently rates the Philippines at BBB+ with a stable outlook, while Moody’s assigns a Baa2 rating, also with a stable outlook.