Japan-based Rating and Investment Information, Inc. (R&I) has affirmed the Philippines’ A- investment-grade credit rating with a stable outlook, citing resilient economic fundamentals, improving fiscal conditions, and manageable external risks.
The rating action is expected to bolster investor confidence as the government seeks to attract more high-value investments, improve access to financing, and sustain economic growth.
In its August 2026 assessment, R&I said the Philippine economy remains positioned for continued expansion, supported by population growth, infrastructure investment, and foreign direct investment.
The rating agency also expects the country’s fiscal balance and government debt ratio to improve over the medium term, backed by tax reforms, prudent debt management, and more efficient public spending.
R&I noted the Philippines’ relatively strong growth prospects in Southeast Asia and its diversified economic base, which includes tourism, information technology-business process management, and manufacturing, particularly semiconductors.
“R&I’s affirmation of the Philippines’ A- rating and Stable outlook recognizes the government’s fiscal consolidation efforts and the strength of our economic reforms,” Finance Secretary Frederick Go said.
“This reinforces confidence, supports access to better financing, and helps attract quality investments that create jobs and expand economic opportunities for Filipinos,” he added.
R&I expects economic growth to regain momentum as infrastructure budget execution normalizes, describing recent spending delays as temporary.
It said stronger safeguards, better project planning, and closer monitoring should improve transparency and governance in infrastructure implementation.
The rating agency also pointed to the Philippines’ adequate foreign exchange reserves and limited external risks as factors supporting its credit profile.
On fiscal management, R&I expects the national government deficit to continue narrowing and the debt ratio to decline over the medium term.
The latest affirmation keeps the Philippines firmly within investment-grade territory, giving the government another positive signal as it works to strengthen fiscal credibility and attract more foreign capital.
