Fitch Ratings has revised the outlook on Philippines' long-term foreign-currency rating to negative from stable, while affirming the rating at 'BBB'.

The move reflects growing risks to economic growth from weaker public investment and high global energy prices, which may reduce the country's edge over its peers.

Fitch expects GDP growth to remain relatively firm but slower, forecasting 4.6% in 2026 as higher energy costs weigh on consumption and infrastructure spending recovers gradually. Inflation is projected to rise to 4.1% in 2026, while the current account deficit is seen widening on higher energy import bills.

Despite these pressures, the rating is supported by resilient medium-term growth prospects and ongoing economic reforms, the agency said.