Moody's Rates Philippines JPY Debt Baa2

Moody's has assigned a senior unsecured rating of Baa2 to the JPY denominated bond offering by the Government of the Philippines, maturing in 2024. The rating mirrors the Government of the Philippines' issuer rating of Baa2.

• Moody's says The Philippines' Baa2 issuer rating has been characterized in recent years by strong economic performance, a strengthening fiscal position and limited vulnerability to external shocks, although the global coronavirus pandemic has disrupted and could potentially reverse these trends. Structural credit challenges include low per capita income and some constraints to the quality of institutions, which stand in contrast to strong policy effectiveness.