Fitch upgrades ratings for five major Philippine banks

Fitch Ratings has upgraded the viability ratings of five major Philippine banks, including Bank of the Philippine Islands, BDO Unibank, and Metropolitan Bank and Trust Co. The ratings improved from "bb+" to "bbb-" for three banks and from "bb-" to "bb" for two state-owned banks. The upgrades reflect a better outlook for the Philippine banking sector, now rated "bbb-" due to strong economic growth. Fitch affirmed long-term issuer default ratings for these banks, indicating low default risk. The improved ratings are based on factors like solid funding profiles, asset quality, and capital buffers. Fitch noted that the banks are well-positioned to benefit from a resilient operating environment.