Japan-based credit rating agency Rating and Investment Information, Inc. (R&I) has maintained the Philippines’ “A-” credit rating, with a stable outlook, citing the country’s continued growth prospects and improving fiscal position.
In a statement, R&I said it expects the Philippine economy to sustain growth, supported by infrastructure investments, foreign direct investments and population growth.
The agency noted, however, that the Philippine economy expanded at its slowest non-pandemic pace in 14 years in 2025, amid a corruption scandal and weather-related disruptions linked to climate change.
“Remittances from overseas workers have remained stable despite ongoing tensions in the Middle East, but rising energy prices have pushed up the cost of living, leaving private consumption somewhat subdued,” R&I said.
R&I said it is “highly likely” that economic growth in 2026 will fall below last year’s level. It added, however, that it considers the impact of the recent corruption issues to be temporary.
“From 2027 onward, R&I expects economic growth to recover to the 5 percent range as budget execution returns to normal,” the agency said.
R&I also highlighted improvements in the country’s fiscal balance as a share of gross domestic product (GDP), while noting that external debt remains manageable.
The Bangko Sentral ng Pilipinas (BSP) and the Department of Finance (DOF) welcomed the investment rating.
“The BSP remains focused on bringing inflation closer to the 3.0-percent target. This helps protect the purchasing power of households and supports investment activity,” the central bank said.
The DOF said the rating could strengthen international investor confidence in the Philippines, supporting efforts to attract high-value investments and sustain economic growth.
“This reinforces confidence, supports access to better financing, and helps attract quality investments that create jobs and expand economic opportunities for Filipinos,” Finance Secretary Frederick Go said.
