Global credit watchdog Fitch Ratings has affirmed the Philippines' investment grade rating at “BBB” with a stable outlook after noting the country's robust medium-term growth potential and a manageable debt level.

"The 'BBB' rating and stable outlook reflect the strong medium-term growth, which supports a gradual reduction in government debt/GDP (gross domestic product) over the medium term and the large size of the economy relative to 'BBB' peers," Fitch Ratings said in a report released late Friday.

Fitch Ratings expects the economy to grow at 5.8 percent this year from 5.5 percent in 2023.

"We forecast real GDP growth of above 6 percent over the medium term, considerably stronger than the 'BBB' median of 3 percent, supported by large investments in infrastructure and reforms to foster trade and investment, including public-private partnerships," Fitch said.