The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

The Philippines: Under-rated but not ignored

Long viewed as an under-performer, the nation has finally been rated investment grade by Fitch. How important is this stamp of approval to its economy’s development?

The economy of the Philippines has been on an upward march for the best part of three years after the coming to power of a regime that has acted swiftly and boldly to put the country on a sounder footing. But ratings agencies had remained unmoved by this progress, until Fitch bestowed the sovereign investment-grade status in late-March.

Recently, the Philippines has begun to attract interest from parts of the world that have historically given it a wide berth. This suggests a fundamental shift in the country’s standing on the global stage and might lead other ratings agencies to act.

"We’ve been having some really unexpected kinds of people come to the Philippines recently," says Antonio Paner, treasurer and head of financial markets group at the Bank of the Philippine Islands (BPI)." A few days ago a delegation from Kuala Lumpur came to the capital looking for potential investment opportunities that will be open to them once the Philippines reaches investment grade. BPI was one of the banks they were considering doing business with. Frankly, I was shocked."

It was a welcome first for Paner. Never before had Malaysia shown any real interest in investing in a meaningful way in the Philippines.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree