Bank of the Philippine Islands – Ratings Affirmed

Ref: PH00123CRA00-01 18 July 202 4

Bank of the Philippine Islands – Ratings Affirmed

w ith a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Ratin g (LT FCR) and Short-Term Foreign Currency R ating (ST FCR) of Bank of the Philippine Islands (BPI) at ‘BBB’ and ‘A3’, respectively. At the same time, CI Ratings has affirmed BPI’s Bank Standalone Rating (BSR) of ‘bbb-’, Core Financial Strength (CFS) rating of ‘bbb’ , and Extraordinary Support Level (ESL) of High. The Outlook for the LT FCR and BSR remains Stable.

The Bank’s LT FCR is set only one notch above the BSR, although CI’s bank rating methodology allows for at least a two notch uplift with a H igh ESL. This is because the LT FCR is constrained by CI’s internal assessment of sovereign credit risk for the Philippines. The ESL reflects our assessment of the strong…