The Central Bank of the Philippines welcomed Moody’s credit opinion on the Philippines, which described the banking system as well capitalized, profitable, and competently managed and pointed to strong external buffers. Moody’s cited the quality of the central bank’s supervision, including its application of international regulatory standards and preemptive measures, and noted that gross international reserves (GIR) relative to external debt are stronger than in similarly rated economies. GIR stood at USD 107.5 billion at end-March 2026, equivalent to 7.1 months of imports and 3.9 times short-term external debt on a residual-maturity basis, well above the three-month international benchmark, with foreign exchange reserves exceeding pre-COVID-19 levels. The opinion also referenced the Philippines’ credible monetary policy framework and flexible exchange rate as buffers against external shocks, and reiterated the country’s investment-grade rating of “Baa2” with a “stable” outlook affirmed in August 2024.
Central Bank of the Philippines 2026-04-17
Central Bank of the Philippines welcomes Moody’s credit opinion citing strong banks and USD 107.5bn international reserves
The Central Bank of the Philippines welcomed a Moody’s credit opinion describing the banking system as well capitalized, profitable, and competently managed, underpinned by strong external buffers. Moody’s highlighted supervisory quality, adherence to international standards, and gross international reserves of USD 107.5 billion at end-March 2026, equivalent to 7.1 months of imports and 3.9 times short-term external debt, plus a credible monetary policy framework and flexible exchange rate supporting the affirmed “Baa2” investment-grade rating with a “stable” outlook.