Philippines outlook cut to negative by Fitch on growth risks

(April 20): Fitch Ratings revised its outlook on the Philippines’ credit rating to negative from stable, saying the decline in public investment has created risks to economic growth.

The outlook change reflects “rising risks to the Philippines’ strong medium-term growth prospects from recent disruptions to public investment,” Fitch said in a report on Monday. These challenges are “exacerbated in the near-term by elevated exposure to the ongoing global energy shock.”