MANILA, Philippines — Fitch Ratings revised its outlooks on five Philippine banks to “stable” from “negative”, matching its improved outlook on the Philippine economy.
The banks that received stable outlooks from the global debt watcher were BDO Unibank Inc., Bank of the Philippine Islands, Development Bank of the Philippines, Land Bank of the Philippines and Metropolitan Bank & Trust Co.
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At the same time, Fitch kept the “BBB-“ ratings for BDO, BPI and Metrobank and the “BBB” ratings for state-owned lenders LandBank and DBP.
In a statement on Tuesday, Fitch said the revision reflects “improved confidence that the Philippines is returning to strong medium-term growth after the Covid-19 pandemic, supporting sustained reductions in government debt/GDP after a substantial increase in recent years.”
In a report released earlier this month, Fitch said loan growth and asset quality of Philippine banks will likely remain resilient amid higher interest rates and persistent global macroeconomic uncertainties.
READ: Fitch: Philippine banks to remain resilient