The Philippine banking sector's outlook is improving, as lenders' financial performance and the economy are expected to improve this year, according to Fitch Ratings.

"For the Philippines, we have an improving banking sector outlook as we expect financial performance to recover somewhat this year, in tandem with a pickup in economic activity that we expect," Tania Gold, senior director and head of South and Southeast Asia Banks at Fitch Ratings, stressed during a virtual conference on Tuesday.

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