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Tokyo-based debt watcher Rating and Investment Information Inc. (R&I) has affirmed the BBB+ credit rating  and stable outlook of the Philippines on the back of the country’s solid recovery, healthy government finances, rising investments, and a stable banking sector.

The Japanese credit rating agency said the Philippines has been demonstrating solid economic growth since the second quarter of last year while the world continues to face the challenges of the pandemic.

The Philippines emerged from the pandemic-induced recession that stretched through  five quarters with a gross domestic product (GDP) growth of 5.7 percent last year, reversing the 9.6 percent contraction in 2020.

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