Manila: The Bangko Sentral ng Pilipinas (BSP) welcomed the favorable assessment by credit rating agency Moody's of the country's access to external financing. According to Philippines News Agency, in its latest ratings review -- a report that follows a rating action -- Moody's noted the country's access to domestic and international funding markets as well as the 'ample foreign-currency reserves.' These are seen to help the economy 'weather global capital flows volatility.' Moody's assessment followed its affirmation of the Baa2 rating (moderate credit risk) and stable outlook in August 2024. As of end-July 2025, the country's gross international reserves stood at USD105.4 billion, equivalent to 7.2 months' worth of imports and about 3.4 times the country's short-term external debt based on residual maturity. 'The Philippines has built ample reserves and policy space to absorb external shocks, allowing us to maintain stability even in times of global uncertainty,' BSP Governor Eli Remolona Jr. said in a s tatement Saturday. Moody's also noted the country's broader economic growth, which is higher compared with regional and rating peers. In the first half of 2025, gross domestic product expanded by 5.4 percent year-on-year. This is in line with Moody's full-year forecast of 5.7 percent for 2025 and within the government's target range of 5.5 to 6.5 percent. The economy grew amid stable overseas Filipino remittances, which reached USD16.75 billion in the first half of 2025, a 3.1 percent increase from the same period last year. An investment-grade rating indicates low credit risk, which helps lower borrowing costs. This, in turn, allows the government to channel more resources toward socially beneficial programs and initiatives.