Japan-based Rating and Investment Information, Inc. (R&I) has affirmed the Philippines’ A- investment-grade rating and maintained its stable outlook, citing the country’s resilient economic fundamentals and improving fiscal position.

The affirmation reinforces international investor confidence in the Philippines, providing a boost to the country’s efforts to attract high-value investments and sustain growth.

In its August 2026 rating action, R&I expressed confidence in the Philippines’ continued economic expansion, supported by population growth, infrastructure investment, and foreign direct investment. It also noted the improving fiscal balance and positive debt ratio outlook over the medium term.

In addition, R&I recognized the Philippines’ strong growth relative to other countries in Southeast Asia, supported by a diversified industrial base spanning tourism, IT-BPM, and manufacturing, particularly in the semiconductor supply chain.

“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. 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.

Bangko Sentral ng Pilipinas Governor Eli Remolona said the credit rating action ''reflects the country's sound macroeconomic fundamentals amid global tendencies.''

R&I expects Philippine economic growth to recover as infrastructure budget execution returns to normal. It viewed the delays in infrastructure spending as temporary, noting that enhanced safeguards, stricter project planning, and stronger monitoring are expected to improve transparency and governance in budget execution and infrastructure projects.

The rating agency also cited the Philippines’ manageable external position, noting that foreign exchange reserves remain sufficient relative to imports and that external risks remain limited.

On the country’s fiscal position, R&I recognized the government’s efforts to pursue fiscal consolidation while sustaining economic growth. It assessed the country’s debt level as manageable and expects it to decline over the medium term, alongside a continued narrowing of the National Government fiscal deficit.

R&I also noted the government’s efforts to strengthen tax revenues through reforms, while maintaining priority spending on social services and infrastructure. DOF Comms, BSP