(RTTNews) - Thursday, Moody’s Investors Service affirmed the positive outlook on the Philippines’ B1 foreign and local currency government ratings and the Ba3 country ceiling for foreign currency bonds and B1 country ceiling for foreign currency bank deposits. In late January 2008, Moody’s had changed the rating outlook to positive from stable.

The rating agency noted that the Philippines has so far demonstrated a remarkable degree of resiliency to the global financial and economic crises, and has largely preserved gains achieved in recent years in improving the country’s economic, external payments and fiscal fundamentals.

Moody’s Senior Vice President, Tom Byrne said, “The Philippines’ balance of payments and banking system have held up well to the global inflationary and credit market shocks of 2008, thereby placing the country’s external payments in a strengthened position to cope with the stresses likely to be encountered in 2009.”

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