The Central Bank of the Philippines (BSP) published a statement welcoming Moody’s favourable assessment of the Philippines’ access to external financing in its latest ratings review. Moody’s highlighted the country’s access to domestic and international funding markets and its “ample foreign-currency reserves” as factors that can help the economy weather volatility in global capital flows. The BSP reported gross international reserves of USD 105.4 billion as of end-July 2025, equivalent to 7.2 months of imports and around 3.4 times short-term external debt on a residual-maturity basis. The release noted that Moody’s review followed its affirmation of the Philippines’ Baa2 rating and stable outlook in August 2024, and cited Moody’s view that the Philippines’ economic growth is higher than regional and rating peers, with GDP up 5.4% year-on-year in the first half of 2025; Moody’s full-year forecast is 5.7% for 2025, within the government’s 5.5% to 6.5% target range. It also pointed to stable overseas Filipino cash remittances of USD 16.75 billion in the first half of 2025, up 3.1% from the same period a year earlier.
Central Bank of the Philippines 2025-08-30
Central Bank of the Philippines welcomes Moody’s assessment of the Philippines’ external financing access and reserve buffers
The Central Bank of the Philippines welcomed Moody’s positive assessment of the country's access to external financing, highlighting strong funding access and ample foreign-currency reserves. The BSP reported gross international reserves of USD 105.4 billion as of July 2025, supporting economic resilience against global capital flow volatility. Moody’s affirmed the Philippines’ Baa2 rating with a stable outlook, noting higher economic growth compared to regional peers and stable overseas remittances.