DAVAO CITY, Philippines — Finance Secretary Ralph G. Recto hailed Japan’s Rating and Investment Information, Inc. (R&I) for upgrading the Philippines’ credit rating to A- with a stable outlook. This upgrade, he said, reflects strong investor confidence in the country’s economic growth, fiscal stability, and positive future prospects.
“This is a significant milestone,” Recto remarked. “It’s the first credit rating upgrade under President Ferdinand R. Marcos, Jr., highlighting the investors’ and creditors’ trust in his economic management.”
He emphasized that the upgrade underscores the success of the government’s Medium-Term Fiscal Program, which aims to gradually reduce deficits and debt while boosting job creation, increasing incomes, and reducing poverty.
The improved credit rating, Recto noted, will lower borrowing costs for both the government and private sector. This reduction in interest payments frees up funds for critical development projects, including infrastructure, social services, healthcare, and education.
The rating also attracts foreign investments, fostering job creation and economic growth. The Philippines now holds two A- ratings, having received its first from Japan Credit Rating Agency (JCR) in 2020, and has maintained a high investment-grade status with all major rating agencies.
R&I’s August 14, 2024, report praised the Philippines for its macroeconomic stability and fiscal improvements. The agency highlighted the government’s focus on fiscal consolidation, increased budget allocations for education and social welfare, and infrastructure investments.
R&I also commended the Marcos administration for its reforms aimed at economic stability, infrastructure development, and private sector growth. The agency projects continued strong economic performance supported by robust public and private investments and favorable demographics.
The Philippine government’s proactive engagement with R&I, including a recent briefing in Tokyo, underscores its commitment to maintaining strong economic fundamentals and fostering long-term growth.
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Finance Secretary celebrates credit rating upgrade as economic milestone
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