Against this favourable backdrop, major multilateral financial institutions have upgraded their outlook on the Philippine economy. Credit rating agencies such as Fitch and Standard & Poor’s acknowledge the Philippines’ strong economic and fiscal gains by raising the country’s credit rating to investment grade. Nevertheless, given the constant shift in the global landscape, we continue to face challenges.
The single monetary policy could not therefore be successful without the essential work carried out by the NCBs of which the Eurosystem is primarily comprised.